altcoin

Shiba Inu eyes 50% rally as SHIB price enters ‘cup-and-handle’ breakout mode

The Shiba Inu breakout appears almost ten days after SHIB’s addition to Binance Card.

Shiba Inu (SHIB) broke out of its prevailing cup-and-handle pattern on Aug. 14, raising its prospects of securing additional gains in the coming weeks.

Shiba Inu could soar 50%

A cup-and-handle appears when the price falls and rises in a U-shaped trajectory in the first stage, followed by a swift move sideways or downward in the second. Notably, the price trend develops under a common resistance level.

Typically, cup-and-handle patterns resolve after the price breaks above the resistance level; SHIB did the same on Aug. 14 after rising 27% to $0.000016, as shown below.

*SHIB/USD daily price chart. Source: TradingView*

Per the rule of technical analysis, a cup-and-handle breakout target is determined by measuring the distance between the pattern’s lowest point and resistance line and adding it to the breakout point. As a result, SHIB could head toward $0.00002253.

In other words, a 50% price rally by September.

A nonsense rally, nonetheless?

Fundamentally, Shiba Inu’s 27% intraday price rally on Aug. 14 had no visible catalysts except a metric showing that SHIB’s burn rate surged by 825% in a day. But the amount of burned SHIB is worth only over $4,500.

*Shiba Inu burn rate. Source: Shibburn.com*

On the whole, however, the Shiba Inu network has burned over $6.36 million worth of SHIB tokens in its lifetime.

In addition, the Shiba Inu rally came almost ten days after Binance’s announcement to add SHIB support on its payment cards issued in Europe. In doing so, the crypto exchange raised SHIB’s potential to find new users in the emerging European cryptocurrency space.

We are pleased to announce that @binance has added SHIB to the list of supported tokens for the Binance Card issued in Europe.

You can now pay with SHIB at 60+ million merchants worldwide. Furthermore, get up to 8% cashback and zero annual or FX fees!https://t.co/0Xj7IXPyt0 pic.twitter.com/FqINtnHFWx

— Shib (@Shibtoken) August 5, 2022

Weak fundamentals could offset SHIB’s technically bullish bias, however, given that cup-and-handle setups have only a 61% success rate in meeting their profit targets, according to veteran analyst Tom Bulkowski.

Therefore, a failed cup-and-handle breakout—also on a pullback from the 200-day exponential moving average (200-day EMA; the blue wave in the chart below) near $0.00001755—could have SHIB eye an initial correction toward $0.00001306, down 20% from the price on August 14.

Shiba Inu’s cup-and-handle setup could fizzle because of the token’s overbought daily relative strength index (RSI). Notably, the RSI has crossed above 70, which typically results in a period of sideways consolidation or correction.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Ominous Solana technicals hint at SOL price crashing 35% by September

Solana is tailing broader crypto market trends while battling concerns about repeated network outages and centralization.

Solana (SOL) risks a significant price correction in the coming weeks owing to a classic bearish reversal setup.

A 35% SOL price correction ahead?

On the three-day chart, SOL’s price has been painting a rising wedge, confirmed by two ascending, converging trendlines and falling trading volumes in parallel.

Rising wedges typically result in a breakdown, resolving after the asset’s price breaks below the lower trendline. If the price follows the breakdown scenario, it could fall by as much as the maximum distance between the wedge’s upper and lower trendline.

SOL is far from a breakdown but trades within a falling wedge range, as shown in the chart below. The token eyes an immediate pullback from the wedge’s upper trendline, with its interim downside target sitting at the lower trendline at around $45.

*SOL/USD three-day price chart. Source: TradingView*

It will risk falling toward $30 if the price breaks below the lower trendline while accompanying a rise in trading volumes. In other words, a 35% price drop by September.

Conversely, a bounce from the lower trendline could have SOL eye an immediate rebound toward the wedge’s apex point at around $53.50.

A decisive breakout above the upper trendline would invalidate the bearish reversal setup if SOL rises to the 50-3D exponential moving average (50-3D EMA; the red wave) near $58.

$SOL daily close above $45

Entered 25% size (bear market size)

will stop with close under $42 otherwise targeting $56-60 https://t.co/US0ucViHN6 pic.twitter.com/xo7zfDGMrZ

— Pentoshi (leading cattle to butcher) (@Pentosh1) August 13, 2022

Battling FUD

Solana’s rising wedge breakdown setup appears as it battles a flurry of negative events, including repeated network outages, centralization concerns and a widespread exploit that targeted Solana wallets.

Nevertheless, SOL rallied nearly 40% in August, mirroring other crypto assets that gained around 11% month-to-date on average.

A part of Solana’s gains also after its team quickly clarified that Slope, a Web3 wallet provider, was solely responsible for the $8 million exploit of crypto wallets, including Solana’s.

After an investigation by developers, ecosystem teams, and security auditors, it appears affected addresses were at one point created, imported, or used in Slope mobile wallet applications. 1/2

— Solana Status (@SolanaStatus) August 3, 2022

Similarly, Solana released its first “Validator Health Report” on Aug. 10 in response to accusations that its network is heavily centralized. It reported that Solana’s proof-of-history (PoH) blockchain has over 1,900 block-producing nodes worldwide.

Nearly 88% of those nodes are operated by independent entities, the report added.

*SOL/USD daily price chart. Source: TradingView*

Additionally, in May, Solana developers focused on implementing the early stages of their Mainnet Beta v1.10 series, introducing QUIC and Quality of Service (QoS) packets by stake weight and fee prioritization to defend the network against potential outages.

“It appears that the network showed signs of stabilization post-v1.10 as lower transaction fees occurred and the daily transaction count reversed the trend between the middle of May and the end of June,” noted James Trautman, a researcher at Messari, in his Solana Q2 report.

*Solana network usage. Source: Messari/Solscan*

Solana’s transactions per second (TPS) also improved, from as low as ~700 during network outages to all-time highs above 3,000 after v1.10 began to roll out. Trautman added:

“If implementations of v1.10 and subsequent versions continue to drive stability along with successful ecosystem growth strategies, fundamentals will likely move in a positive direction, and network value may too.”

Insta-rally! FLOW token jumps 50% amid Instagram adoption euphoria

FLOW latest price rally has turned it into an “overbought” asset, which could amount to an imminent correction.

Flow (FLOW) logged its best daily performance on Aug.4 after becoming the latest blockchain to support Instagram’s nonfungible token (NFT) features.

Insta-made FLOW rally

Meta CEO Mark Zuckerberg announced on Aug. 4 that Instagram had expanded its NFT support to 100 more countries in Africa, the Asia-Pacific, the Middle East and the Americas. As a result, more users can post digital collectibles minted on the Flow blockchain on Instagram.

The high-profile integration helped FLOW surge 54% to reach an intraday high of $2.83 a token. Interestingly, the token’s massive upside move accompanied a spike in its daily trading volumes, confirming some weight behind the bullish trend.

*FLOW/USD daily price chart. Source: TradingView*

Like any blockchain native asset, the ups and downs in FLOW’s demand are tied to the adoption of its parent chain. In general, FLOW serves as a legal tender within the Flow’s proof-of-stake ecosystem for the following purposes:

Staking
Staking rewards
Transaction fees
Account storage deposits
Collateral for a stablecoin and DeFi products
Participation in protocol governance and ecosystem development

That explains the token’s bullish response to Instagram’s adoption.

Another 30% gains ahead?

From a technical perspective, FLOW eyes another 30% rally from its current price levels.

FLOW’s recent price trends appear to have painted a bullish pattern called the “Bump-and-Run-Reversal (BARR) bottom” on its daily chart. Now, the token has entered a breakout stage with its upside target near the level where the BARR bottom’s formation began at around $3.20.

*FLOW/USD daily price chart featuring BARR setup. Source: TradingView*

According to veteran analyst Tom Bulkowski, BARR patterns are “surprisingly good performers,” with a 76% chance of meeting its profit target. That raises FLOW’s potential to rise another 30% to $3.20, further supported by strong fundamentals.

On the flip side, FLOW’s latest bull run has pushed its daily relative strength index (RSI) above 70, or overbought territory, which suggests heightened sell-off risks.

Lido DAO: Ethereum’s biggest Merge staker just jumped 30% — will LDO rally into September?

LDO price is up roughly 30% over the past day, gaining approximately 500% since mid-June.

Lido DAO (LDO) price edged higher on Aug. 3, primarily due to similar upside moves elsewhere in the crypto market and a rising euphoria around Ethereum’s network upgrade in September.

On the daily chart, LDO’s price reached an intraday high of $2.40 a day after bottoming out locally at $1.84. The sharp upside reversal amounted to nearly 30% gains in a day, suggesting traders’ strengthening bullish bias for Lido DAO.

*LDO/USD daily price chart. Source: TradingView*

Lido DAO is a liquid staking solution for Ethereum by total value deposited. In other words, it allows users to participate in the running of Ethereum’s upcoming proof-of-stake (PoS) chain in exchange for daily rewards.

Ethereum’s Ether (ETH) token has rallied by more than 90% since mid-June in part due to buzz around its blockchain’s PoS upgrade called the Merge , expected in September.

Lido DAO, the biggest Merge staking serve provider, has benefited from the craze simultaneously, with LDO, its governance token, rallying nearly 500% in the same period.

Notably, the total number of Ether staked into the Merge smart contract—also called ETH 2.0—via Lido has surged from 3.38 million on June 13 to 4.16 million on Aug. 3, according to DeFi Llama.

*Total ETH deposited into Ethereum Merge contract via Lido DAO. Source: DeFi Llama*

Charts hint at LDO price rally ahead

Furthermore, LDO’s technicals appear skewed to the upside due to its “bull flag .” This technical pattern typically appears during an uptrend, when the price consolidates lower inside a descending channel after a strong upside move.

LDO has been forming a similar pattern. On the daily chart, the token’s price has been reversing course after undergoing a strong uptrend that topped at around $2.66 on July 28.

*LDO/USD daily price chart featuring ‘bull flag’ setup. Source: TradingView*

As a result, the Lido DAO token now eyes a break above its current descending channel range, similar to the upside move that followed its bull pennant formation in July.

As a rule, the bull flag’s profit target comes to be at length equal to the size of the previous uptrend, called “flagpole,” or $4 by September, up 65% from Aug. 3’s price.

Bull flag failure scenario

On the flip side, a bull flag’s potential to reach its upside target stands at around 67%, according to research conducted by Samurai Trading Academy. Therefore, LDO’s bull flag could fail if its price breaks below the pattern’s lower trendline.

The trendline coincides with a support confluence made up of $1.91‚ which capped LDO’s upside moves in late July, and the 20-day exponential moving average (20-day EMA; the green wave in the chart below) at around $1.80.

Thus, a bear flag breakdown, or a break below the support confluence, could have LDO eye the 50-day EMA (the red wave) near $1.43 as its downside target.

This level coincides with the 0.236 Fib line around $1.42, which served as a price floor in February and May.

Is the end of this crypto winter in sight? | Find out now on Market Talks with Ted Warren and Mark Yusko

Join us as we discuss this and other topics with Tim Warren, co-host of Coffee N Crypto, and Mark Yusko.

In this week’s episode of Market Talks, we welcome the founder, chief investment officer and managing director of Morgan Creek Capital Management, Mark Yusko.

Mark W. Yusko is an investor and hedge fund manager. He is the founder, chief investment officer and managing director of Morgan Creek Capital Management and also the Co-Founder & Partner of Morgan Creek Digital.

The main topic for discussion with Mark is if we are finally at the end of this crypto winter and what that could mean for the future of the crypto market. Are we going to continue to move upwards in price or is there another fall below $17K not far off?

With everyone’s eyes on the latest FOMC meeting, we ask Mark about his thoughts on the importance of the FOMC meeting and what the hike in interest rates means for you as an individual and the markets as a whole.

Even though some people might not want to admit it, it seems the US economy is in a recession, we ask Mark what his thoughts on the matter are and also why recessions are not necessarily a bad thing and might be an important part of any financial system. You might be wondering what is the best way to navigate the current market condition, don’t worry we ask Mark what the best strategy is to use right now so you don’t have to wonder any longer.

Tesla has been in the news again after they sold 75% of their Bitcoin holdings. We discuss what impact this has had, if any, on the cryptocurrency market and why a company that has been pro-Bitcoin in the past might want to sell a major chunk of their holdings?

Bear markets are usually a great time for companies to innovate and build, we ask Mark what innovations he is most excited about seeing going forward in the crypto space and which areas he sees the most potential in. Now might be a great time to accumulate more crypto, but which crypto asset is best to invest in right now for the long term? Bitcoin or Ethereum (ETH)?

Tune in to have your voice heard. We’ll be taking your questions and comments throughout the show, so be sure to have them ready to go.

Market Talks with Crypto Jebb streams live every Thursday at 12 pm ET (4:00 pm UTC). Each week, we feature interviews with some of the most influential and inspiring people from the crypto and blockchain industry. So, be sure to head on over to Cointelegraph’s YouTube page and smash those like and subscribe buttons for all our future videos and updates.

Ethereum Classic gets ‘endorsement’ from Vitalik Buterin, but ETC price still risks 50% crash

ETC’s ongoing price rebound looks eerily similar to a bull trap event from 2021.

Ethereum Classic (ETC) continues to reap benefits from its blockchain rival Ethereum’s upcoming transition from proof-of-work (PoW) to proof-of-stake (PoS).

Vitalik Buterin likes Ethereum Classic

Notably, ETC’s price jumped by a little over 20% to reach $27.50, two days after Ethereum co-founder Vitalik Buterin’s endorsement of Ethereum Classic went viral across social media. In his comments, Buterin presented the chain as a “fine” PoW alternative to Ethereum.

The statements appeared amid fears that Ethereum’s potential network upgrade this September will force PoW miners elsewhere.

In other words, they would be looking for alternative PoW networks to ensure that their rigs remain functional. That could benefit Ethereum Classic since it’s the original version of Ethereum and could therefore ensure an easy migration for miners.

ETC technical outlook

Impressively, ETC price has rebounded by over 120% since mid June, making it the standout performer over the past month. Nonetheless, it is still down over 85% versus its May 2021 record high of $185, suggesting that its ongoing retracement move could technically be a bull trap.

A convincing piece of evidence comes from ETC’s 150% price rebound between June 2021 and September 2021, which became a false recovery signal.

Interestingly, ETC’s ongoing price action appears similar to the one in 2021, as illustrated in the daily chart below.

*ETC/USD daily price chart. Source: TradingView*

Like in 2021, ETC this year has been consolidating inside the range defined by its 0.236 Fib line (~$28.50) as support and 0.382 Fib line (~$22.80) as resistance. Similarly, the token’s daily relative strength has been correcting from its “overbought” area during the price consolidation.

Therefore, ETC could continue trending sideways in the $22.80–$28.50 price range, followed by a breakdown toward the 0 Fib line near $13.65.

In other words, a 50% price drop from July ‘s price.

Solana eyes 40% jump in August despite long-term bearish signals

The bear flag setup for SOL price could result in another interim relief rally amid macro headwinds.

Solana (SOL) dipped to a two-week low at around $35.50 on July 26, mirroring downside moves elsewhere in the crypto market. Nonetheless, the technicals suggest that Solana’s price flirts with the prospects of rising 40% in August.

SOL hits key inflection point

Ironically, the bullish setup for Solana emerges out of a classic bearish continuation pattern.

On the daily chart, SOL’s price has been consolidating inside what appears to be a “bear flag ,” a technical pattern that develops during a downtrend and gets resolved after the instrument exits it with further price drops.

The so-called bear flag breakdown has not happened yet. Instead, SOL has been holding the lower trendline as support, raising possibilities of a sharp rebound toward the upper trendline, as illustrated in the chart below.

*SOL/USD daily price chart featuring ‘bear flag.’ Source: TradingView*

The rebound setup exposes SOL to a potential rally toward $49.50 in August, up 40% from July 26’s price. The $49–$50 level had served as both support and resistance in May.

Solana network performance still a concern — researcher

The potential bear flag rebound will serve as interim relief to Solana bulls, given SOL’s overall bias remains skewed to the downside.

Macro forces such as the Fed’s hawkish monetary policies and the collapse of the $40 billion “algorithmic stablecoin” project Terra (LUNA) — now renamed Terra Classic (LUNC) — have sent the crypto market into a tailspin. As a result, Solana, like any other risky asset, has suffered declines across its financial and network usage metrics in 2022.

For instance, the average number of daily transactions atop the Solana blockchain plunged by 17.6% in Q2/2022 versus the previous quarter, according to data from Messari.

Meanwhile, Solana’s revenue dropped 44.4% quarter-on-quarter (also because of recurring network outages).

*Solana Financial Overview Q2/2022. Source: Messari*

“As seen in 2021 and throughout Q1 and Q2, degraded network performance decreases network usage and reduces the network’s continued flow of revenue,” noted James Trautman, a researcher at Messari, adding:

“If Solana were to continue to experience degraded performance that lasts for a material amount of time, a resulting drag on fundamental usage may catalyze volatility and drag on network value.”

Bear flag breakdown?

The mix of macro and network-related concerns risk triggering the bear flag breakdown by September.

SOL’s decisive close below the flag’s lower trendline means more downside is likely to the $21–$23 region, according to the technical setup illustrated below.

*SOL/USD daily price chart featuring bear flag breakdown setup. Source: TradingView*

In other words, a 35%–38% drop from current price levels.

Axie Infinity is painting a giant bearish pattern — will AXS price crash another 95%?

Axie’s monthly revenue has dropped over 98% from its August 2021 peak of $364.4 million.

Axie Infinity (AXS) has been forming a giant bearish reversal pattern since July last year, which could send its prices down by another 95% in 2022.

AXS risks one big breakdown

Dubbed the “inverted cup and handle,” the pattern is identified by its large crescent shape followed by a modest upward retracement. It typically resolves after the price breaks out of the rising channel, followed by another break below the cup and handle’s neckline support.

Meanwhile, as a rule of technical analysis, an inverted cup and handle breakout leads the price to the level at length equal to the maximum distance between the structure’s top and support.

AXS’s price rally during the second half of 2021, followed by its complete wipeout in 2022, makes a crescent shape trend, which looks like an inverted cup. Furthermore, the recent 50% price rebound from June 18’s local bottom of $11.82 forms an inverted handle, as shown below.

*AXS/USD three-day price chart featuring inverted cup and handle pattern. Source: TradingView*

Thus, AXS’s technicals appear skewed to the downside, given it breaks below the inverted handle range with a breakdown target of $1, down about 95% from the price on July 24.

Bad press hurt Axie Infinity

The extreme bearish outlook primarily appears in the wake of a depressive trend elsewhere in the crypto market. Nonetheless, AXS also suffers due to Axie Infinity’s crumbling vision of sustaining a gaming platform that pays its user to play.

Additionally, bad press including a $600 million hack earlier this year has also dampened the demand for AXS, which serves as a governance token and legal tender within the Axie Infinity ecosystem.

That is visible in Axie’s monthly revenue performance, which has dropped over 98% from its August 2021 peak of $364.4 million, according to data tracked by Token Terminal.

*Axie Infinity monthly revenue. Source: Token Terminal*

But Axie Infinity might not disappear altogether, argues Cointelegraph’s Yanto Chandra in his opinion editorial, noting that the project would “reinvent itself and chart a new destiny in the fast-changing GameFi landscape.”

Sell the news? Cardano price risks 20% drop despite Vasil hard fork euphoria

ADA runs out of buyers despite the long-awaited Cardano hard fork going live potentially at the end of July.

Cardano (ADA) has dipped this July 21 as the market favors mounting selling pressure around its most reliable resistance levels in 2022 over a major upcoming hard fork.

ADA price could plunge 20% by early August

ADA’s price fell 5% intraday to $0.476. The downside move came as a part of a broader retreat that started a day after it briefly climbed above its 50-day exponential moving average (50-day EMA; the red wave in the chart below) near $0.50.

The 50-day EMA has been serving as ADA’s curvy resistance level since October 2021.

*ADA/USD daily price chart. Source: TradingView*

Additionally, the upper trendline resistance of a broader descending channel pattern strengthened the selling sentiment around the ADA’s 50-day EMA wave. Earlier in June, the same resistance confluence had triggered a 35% price drop toward the channel’s lower trendline.

Therefore, ADA’s renewed correction move risks leading the price toward $0.384 by July or early August, down about 20% from July 21’s price.

2018 fractal suggests $0.20 per ADA

However, a separate analysis sees ADA falling to deeper levels than $0.384.

Penned by TradingShot, the bearish ADA forecast draws comparisons between the ongoing correction and the one witnessed during the 2018 market crash, as shown below.

*ADA/USD daily price chart 2022 versus 2018. Source: TradingView*

In detail, the 2018 chart above shows ADA undergoing multiple bearish rejections near its 50-day EMA (the orange wave) while trending downward in a descending channel pattern. The token’s downtrend became exhausted after correcting by nearly 93% from its local high.

“Based on 1D RSI terms, we also seem to be on the third (3) and final leg below the collapse,” TradingShot wrote, adding:

“So if ADA holders want to avoid this, they need to see the price break above the 1D MA50 and sustain trading above it for a week at least. Otherwise, completing a -93% drop from the top is possible at around 0.200.”

When hard fork?

The latest ADA price correction appears in the days leading up to Cardano’s hard fork.

Dubbed “Vasil,” the hard fork was supposed to go live in June but was delayed until the last week of July over several outstanding bugs. Nonetheless, as of July 21, Input Output Hong Kong (IOHK), the firm behind the Cardano blockchain development, has not announced the exact launch date.

Vasil is expected to bring significant performance and capability upgrades to the Cardano blockchain, including faster block creation and higher transaction speeds. From a fundamental perspective, the upgrade could boost ADA adoption due to improved network efficiency.

But Cardano has a history of logging sharp price corrections after most network upgrades, suggesting a prevailing “sell the news” sentiment in the market.

*ADA/USD three-day price chart. Source: TradingView*

For instance, the blockchain’s Alonzo upgrade in September 2021 partly prompted ADA to rise by over 200% to its record high of $3.16 before launch. But after the upgrade, the Cardano token fell by more than 85%.

ADA has risen by only 25% after bottoming out locally at $0.384 on May 10, suggesting that Vasil’s impact on the market has been limited.

But not everyone is convinced. For example, analyst Lark Davis believes the token will “rip” after the hard fork, given it manages to hold 50-day EMA as support.

#cardano $ada has broken past its 50 day EMA, now we just need Charles to announce the date of the Vasil hard fork and this puppy will rip! pic.twitter.com/yQTiCiCE6H

— Lark Davis (@TheCryptoLark) July 20, 2022

Until then, ADA will likely stay under the “sell the news” pressure, pressured further by ongoing macro risks and their negative impact on crypto markets.

Dogecoin misses bullish target after Elon Musk snubs Twitter — What’s next for DOGE price?

The Tesla and SpaceX CEO had flirted with the idea of adding DOGE payments to Twitter.

Dogecoin (DOGE) has missed a much-anticipated technical upside target and is down nearly 10% over the past week amid an ongoing spat between Elon Musk and Twitter.

Musk hurts DOGE price

To recap, Musk, whose companies Tesla, SpaceX and Vegas Loop accept DOGE payments, had suggested introducing the same checkout option on Twitter this April.

Bitcoin spoofs a breakout while Dogecoin jumps on Elon Musk’s Twitter takeover news. https://t.co/dlMH5u5jaf

— Cointelegraph (@Cointelegraph) April 25, 2022

Nonetheless, the Musk-Twitter deal hturned sour after the billionaire attempted to walk away from his $44 billion takeover bid. In response, the platform has sued Musk, alleging that his heart changed after suffering personal losses in the ongoing global market carnage.

Some Dogecoin traders had eyed Musk’s Twitter takeover to stay bullish on DOGE/USD, considering the deal would boost the token’s adoption across the platform’s 330 million monthly active users.

#Dogecoin | The number of large transactions on the $DOGE network with a value greater than $100,000 just reached a four-month high at 2,400 transactions.

Such market behavior can act as a proxy for whales’ activity, suggesting how they may be positioning for a big price move. pic.twitter.com/K49QfXFVYb

— Ali Martinez (@ali_charts) April 26, 2022

Dogecoin misses IH&S target

Dogecoin dropped by 19.5% after Musk called off the Twitter deal on July 8. In doing so, DOGE also invalidated its prevailing “inverse head and shoulders (IH&S)” pattern that could have pushed its price per token toward $0.112, as shown below.

*DOGE/USD daily price chart featuring IH&S pattern. Source: TradingView*

Bias conflict ahead

Dogecoin now holds above a multi-month “mid-channel support” near $0.06 while remaining indecisive for now, as shown in the chart below.

*DOGE/USD three-day price chart. Source: TradingView*

DOGE’s price eyes $0.09 as the next target if it rallies decisively from the mid-channel support. The upside target coincides with the descending trendline (distribution level) that has been serving as resistance since May 2021.

Conversely, a break below the mid-channel support could have DOGE’s price test $0.04 as its downside target, down 32% from July 13’s price. This level coincides with another descending trendline (accumulation level) that has acted as support for Dogecoin’s price since April 2021.