DOGEUSD preparing a rally to $1.60

Dogecoin (DOGEUSD) is trading on its 1D MA50 (blue trend-line) as despite yesterday's attempted break-out, the pull-back brought the price down around this key trend-line again.

The key for buyers is now to turn this level into a Support and hold it, as this is what took place during the September - November 2024 rally. As you can see, once the price broke above the 1D MA50 and re-tested as Support, it sustained a 2-month rally, which reached the 3.0 Fibonacci extension from its bottom point (August 05 2024).

We can clearly see how similar the two fractals are, both started with a correction (red Rectangle) and then after the bottom, a Channel Down (also evident on their 1D RSI sequences) paved the way for the rally.

As a result, if DOGE tests the 1D MA50 again and holds it this time, we will have a confirmed buy signal to target $1.600 (Fibonacci 3.0 extension).

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