Dodge Quinn 25% jump in seven days; What’s the next move?

Although the price of the Dodge Quinn is still far from its historic peak, there is an upward trend in the digital currency chart that if it works properly, the price of the Dodge Quinn will rise by 150%; But how likely is Dodge Quinn to make such a leap according to the purpose of this model?

According to the Quin Telegraph, the sharp fall of the Dodge Quinn between May 2021 and February 2022 (May to February 1400), which caused it to lose almost 85% of its value, now seems to be over.

The price of the Dodge Quinn reached a level of approximately $ 0.10 two weeks ago, which increased the buying pressure in this price range and as a result, this popular Meem Quinn experienced a 30% jump and reached 0 on March 27 (April 7) reached $ 14. Meanwhile, the return of the token token, which began with the level of support for the chart’s falling wedge model, is a sign of a long-term uptrend in the coming weeks.

Specifically, a downward trend pattern is formed when the market as a whole is down and the price fluctuates between two convergent downward trend lines. At best, this model pushes the price out of the downtrend and increases the maximum distance between the trend lines above and below the model.

Weekly price chart for Dodge Quinn / Dollar with descending corner pattern
Dodge Quinn weekly price chart; Graph decreasing angle model.

The return of Dodge Quinn from the bottom line of the trend two weeks ago makes it possible for the downward trend model to continue moving up to the top line of the trend, which is close to $ 0.18. Similarly, breaking the uptrend line above the Dodge Quinn will push the Dodge Quinn up 150% of today’s price to $ 0.37.

Read also: Introducing 10 models of technical analysis charts that every trader should know

Dangers that threaten this upward perspective

Veteran financial markets trader Tom Bulkowski believes that the downward trend model is performing poorly in forecasting upward trends. He says that in this particular model, the number of times the price does not reach the target is high and the average rate at which the price rises after leaving the model is low. Bolkowski looked at 800 different deals, which show that the probability of switching the model to a downward trend and reaching upward targets is 62%.

In addition, the Dodge Coin record shows a positive correlation between the price of this digital currency and bitcoin, which is currently 94%. This could also curb Dodge Coin’s uptrend if bitcoin prices fall due to macroeconomic pressures and the Russia-Ukraine conflict.

Correlation coefficient between Dodge Coin and Bitcoin
Correlation diagram between Dodge Coin and Bitcoin prices.

Mike McGlone, chief commodity analyst at Bloomberg Intelligence, recently said that the price of bitcoin could fall to $ 30,000 due to its strong correlation with the US stock market. However, he added that in order to reach its long-term goal of $ 100,000, Bitcoin must begin a bullish adjustment from this price threshold.

Supports and resistances of Dodge Quinn

Dodge Quinn’s recent uptrend is now showing a fast move in the $ 0.15 to $ 0.19 range. There are 3 levels of psychological resistance in this area, which are the 20-day moving average (green line on the chart), the 50-day moving average (red line on the chart) and the Fibonacci level of 0.618 (approximately $ 0.19).) are shown in the diagram below.

Dodge Quinn / Dollar daily price chart
Dodge Quinn daily price chart.

A strong downward correction, coupled with an increase in trading volume in the resistance zone, could lead Dodge Quinn to a Fibonacci correction level of 0.786 close to $ 0.10. On the other hand, a steady move above this range could lead to an uptrend of up to $ 0.24. I should also consider the $ 0.30 and $ 0.37 levels as the next targets, which, of course, are also the target of the downtrend model.

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