Market
Dogecoin (DOGE) Mirrors Previous Cycles: Bull Market Imminent
Dogecoin (DOGE), a popular meme coin, has displayed recurring price patterns that often precede substantial bull runs.
Indeed, Dogecoin’s recent price correction suggests a potential for a bullish reversal, aligning with its historical trends.
Understanding Descending Triangles
A descending triangle is an important pattern in technical analysis, often signaling bullish reversals. It forms with a flat support level and a descending resistance line, indicating decreasing selling pressure and consistent buying interest.
- Flat Support Level: This horizontal line represents a strong support level where the price finds consistent buying interest.
- Descending Resistance Line: This downward-sloping trendline connects lower highs, showing decreasing selling pressure.
- Formation: Sellers gradually lose control as the price makes lower highs. The strong support indicates buyers are accumulating positions.
When the price breaks above the descending resistance line with significant volume, it signals a potential bullish reversal.
Dogecoin’s Historical Price Precedents
Interestingly, historical data supports the pattern’s effectiveness for Dogecoin. In previous cycles, after DOGE has reached a market top, it tends to consolidate in a descending triangle before a new bull market starts.
For instance, Dogecoin reached a market peak of $0.00232 in January 2014. After this high, DOGE’s price declined, forming a series of lower highs while maintaining a flat support level at $0.00010.
In March 2017, Dogecoin broke out of this descending triangle pattern, resulting in a 207.35% surge. Following this upswing, DOGE experienced a 39.82% retracement before skyrocketing by an impressive 981.91%.
Similarly, in January 2018, Dogecoin reached an all-time high of $0.01877, marking the start of a downward trend. As DOGE’s price formed a series of lower highs, it developed a descending triangle pattern, with a strong support level at $0.00191.
In November 2020, Dogecoin broke through the triangle’s resistance line, triggering a 441.96% bull rally. This was followed by a 56.31% correction, after which DOGE’s price skyrocketed by an astounding 12,197%.
These patterns reflect Dogecoin’s potential for significant gains following a descending triangle breakout.
DOGE’s Current Governing Pattern
Following the all-time high of $0.73905 in May 2021, Dogecoin entered a bear market, forming a descending triangle pattern. In January 2024, Dogecoin broke out of this pattern, experiencing a 207.85% price increase. As seen in previous cycles, DOGE’s price retraced by 47.48%.
If history repeats itself, Dogecoin may be on the verge of entering a new bull market.
The descending triangle’s implications are profound. Initial selling pressure gives way to strong support, indicating buyer accumulation. A breakout above the descending resistance line can lead to significant upward price movement as bearish pressure dissipates.
Dogecoin’s consistent historical behavior of breaking out of descending triangles and entering bull runs highlights the importance of patience and strategic analysis. While past performance does not guarantee future results, the pattern provides a compelling case for optimism.
Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030
Summary and Conclusion
Dogecoin’s recent price action aligns with historical patterns, suggesting a potential bullish reversal. Historical data from 2017 and 2021 shows that Dogecoin often follows descending triangle breakouts with substantial gains.
For traders, the descending triangle pattern offers a strategic framework for entering positions. With a well-placed stop-loss and target price, traders can manage risk while positioning for potential gains.
The current market phase, marked by a 47.48% correction, could be the precursor to another significant bull run for Dogecoin. Patience and strategic analysis, informed by historical patterns, could yield substantial rewards for Dogecoin investors.
Read more: How To Buy Dogecoin (DOGE) and Everything You Need To Know
Overall, understanding the descending triangle pattern and its implications provides valuable insights into Dogecoin’s price action. This knowledge, combined with strategic trading approaches, can help investors navigate the cryptocurrency market and capitalize on potential upward trends.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
ETF issuer WisdomTree’s European division just announced a new ETP based on XRP. This product is currently available in four EU countries, which has led XRP’s price to jump slightly.
ETPs are a common issuer strategy to earn revenue without ETF approval, but Europe will not necessarily approve one even if the US does so.
WisdomTree’s XRP ETP
WisdomTree, one of the Bitcoin ETF issuers in the US, announced that its European branch is offering an exchange-traded product (ETP) based on XRP. This new product is currently available in Germany, Switzerland, France, and the Netherlands. A growing number of issuers have filed for an XRP ETF, but WisdomTree is taking a slightly different tack.
“The WisdomTree Physical XRP ETP offers a simple, secure, and low-cost way to gain exposure to XRP, one of the largest cryptocurrencies by market capitalization. Backed 100% by XRP, XRPW is the lowest-priced XRP ETP in Europe, providing direct spot price exposure,” the announcement claimed.
The possibility of an official XRP ETF is growing with the current bull market, and Ripple CEO Brad Garlinghouse considers it “inevitable.” Still, it hasn’t happened yet, and ETP offerings allow issuers to somewhat address customers’ requirements. BitWise, which has also filed for an XRP ETF in the US, recently acquired a European ETP issuer to enter the same market.
WisdomTree, however, is no stranger to this market strategy. In May this year, it won approval to offer ETPs based on Bitcoin and Ethereum to British investors.
The UK has not yet approved a full ETF for either of these assets, but WisdomTree still gained market access. Even a fraction of the XRP market could also prove lucrative; the asset’s value spiked today.
WisdomTree Europe’s strategy page does not describe any further actions upon full approval. Even if the US approves an XRP ETF under the SEC’s new leadership, that won’t necessarily benefit WisdomTree’s European branch. For now, these ETPs built on XRP will have to suffice for this market.
Disclaimer
In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
Ethereum price started a fresh increase above the $3,220 zone. ETH is rising and aiming for more gains above the $3,350 resistance.
- Ethereum started a fresh increase above the $3,220 and $3,300 levels.
- The price is trading above $3,250 and the 100-hourly Simple Moving Average.
- There is a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD (data feed via Kraken).
- The pair could gain bullish momentum if it clears the $3,385 resistance zone.
Ethereum Price Regains Traction
Ethereum price remained supported above $3,000 and started a fresh increase like Bitcoin. ETH gained pace for a move above the $3,150 and $3,220 resistance levels.
The bulls pumped the price above the $3,300 level. It gained over 10% and traded as high as $3,387. It is now consolidating gains above the 23.6% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high.
Ethereum price is now trading above $3,220 and the 100-hourly Simple Moving Average. On the upside, the price seems to be facing hurdles near the $3,350 level. There is also a short-term contracting triangle forming with resistance at $3,360 on the hourly chart of ETH/USD.
The first major resistance is near the $3,385 level. The main resistance is now forming near $3,420. A clear move above the $3,420 resistance might send the price toward the $3,550 resistance. An upside break above the $3,550 resistance might call for more gains in the coming sessions. In the stated case, Ether could rise toward the $3,650 resistance zone or even $3,880.
Another Decline In ETH?
If Ethereum fails to clear the $3,350 resistance, it could start another decline. Initial support on the downside is near the $3,300 level. The first major support sits near the $3,250 zone.
A clear move below the $3,250 support might push the price toward $3,220 or the 50% Fib retracement level of the recent move from the $3,036 swing low to the $3,387 high. Any more losses might send the price toward the $3,150 support level in the near term. The next key support sits at $3,050.
Technical Indicators
Hourly MACD – The MACD for ETH/USD is gaining momentum in the bullish zone.
Hourly RSI – The RSI for ETH/USD is now above the 50 zone.
Major Support Level – $3,250
Major Resistance Level – $3,385
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