Technical Analysis Report Using W.D. Gann's Method - $DOGE
Introduction:
Based on the attached chart and W.D. Gann's analysis, Dogecoin is currently in the 0.618 time zone, which signifies a critical stage for its future movement. From its previous price action, the peaks and troughs align accurately with Gann’s time and price angles.
Analysis of Time and Price Zones:
1. 0.382 Time Period:
- Dogecoin achieved a price peak at the 0.382 angle, indicating a clear correlation between time and price at this phase.
2. 0.618 Time Period:
- Currently, Dogecoin is facing strong resistance, as shown by the following angles:
- 4/1 angle, relative to the lowest trough in the 0.382 time zone.
- 2/1 angle, relative to the peak price in the 0.618 time zone.
- 1/2 angle, relative to the peak price at 1 during the same time zone.
Resistance Levels:
- First Resistance: 4/1 angle, which is currently blocking further price advances.
- Second Resistance: 2/1 angle, a higher resistance level requiring a clear breakout.
- Third Resistance: 1/2 angle, considered a pivotal point for breaking the previous price peak.
Potential Targets:
- Breaking the previous peak at 0.73995 would confirm the bullish trend.
- Next target: 1.93624, a price level that aligns with Gann's time and price projections.
Conclusion:
#doge⚡ is undergoing a real test at these critical levels, as the chart demonstrates multiple strong resistances. However, if the price successfully breaks through these angles, the path towards retesting the previous peak and ultimately reaching 1.93624 becomes viable.
Additional Notes:
- Close monitoring of the price action at the current levels is essential, as a clear breakout of the mentioned resistances would confirm a positive outlook.
- Maintaining momentum during the 0.618 time zone is key to achieving the stated targets.
This report was meticulously prepared using Gann’s method, focusing on time and price aspects to project Dogecoin’s future movement accurately.
