The price of Dodge Quinn rose by more than 20 percent yesterday after the announcement of Ilan Musk’s membership on Twitter. The jump caused the price of Dodge Quinn to fall outside the scope of the uptrend chart, which aims to be 150% higher than the current price; But under what conditions does this model work properly?
According to the Quinn Telegraph, four weeks after the Dodge Quinn hit $ 0.10, the price went up. Even now, it seems that this digital currency may rise even higher in the second quarter of 2022.
Dodge Quinn has risen about 6.5% since the beginning of the week to $ 0.16. Mime Quinn’s recent rise came after Ilan Musk announced on April 4 that he had bought $ 3 billion worth of Twitter shares. Yesterday, Twitter CEO Parag Agraval officially announced that Ilan Musk had become a member of the social network’s board.
Musk has always been a supporter of Dodge Quinn and has consistently supported him. He recently announced that Tesla’s online store will now accept Dodge Quinn to sell some of its products.
His investment in shares of Twitter could help develop digital currency projects on social media and may even have room for Dodge Quinn on Twitter.
Elon Musk’s investment in Twitter and his membership on the social network helped Dodge Quinn break the pattern of decreasing angles in his chart. The descending angular pattern, contrary to its name, is an ascending pattern that is accompanied by a change in trend. In other words, this model is created when the price fluctuates in the range of two converging and descending lines. It is worth mentioning that in this area are created a series of roofs and floors, each of which is lower than the previous roofs and floors.
In a perfect scenario, the price rises when it can break the line of the upward trend of the downward trend model. If this happens, traders consider the next price target for growth as the maximum distance between the upper trend line and the lower trend line of the model.
Now that Dodge Quinn is in a similar pattern and has managed to break its uptrend on April 4, it is likely that it will continue its uptrend. So the next goal of this honeymoon could be $ 0.37, which is 150% more than its price on April 5 (April 16).
On the other hand, there is a risk that the current uptrend will fall and not reach the $ 0.37 target. Dodge Quinn has moved above the trend line of the downtrend model, but its trading volume is not very high. This shows that traders do not believe that this digital currency can successfully complete its upward trend.
Dodge Quinn is currently below two important levels of support. These two important levels of support are the 20-week moving average (EMA) (green line) and the 50-week moving average (red line), which are in the range of $ 0.15 and $ 0.17, respectively.
If Dodge Quinn withdraws, it can return to the uptrend line of the downtrend model and test it as new support. On the other hand, if the downward trend of this digital currency continues, this upward perspective may be completely invalid.
The Dodge Quinn can only reach the $ 0.37 target if it maintains the downtrend uptrend as support and can cross its 20-week and 50-week high-volume moving average.
Dodge Quinn’s post could grow 150% after Ilan Musk took to Twitter, making his first appearance on Digital Currency.