Although the price of Dodge Quinn has risen in recent days due to the activities of Ilan Musk, the chart of this digital currency shows a downward pattern, which could lead to a further decline of 30%.
According to the Kevin Telegraph, Dodge Quinn’s short-lived price hike began last week when Tesla CEO Ilan Musk announced he had bought a stake in Twitter. Although Dodge Quinn managed to close its weekly candle with a growth of over 8%, it seems that its upward trend is coming to an end.
Dodge Quinn peaked at $ 0.149 on April 14 and fell to $ 0.142 three days later on April 17. The modification of this digital currency, no matter how small, has the potential to form a classic bearish rebound pattern. It should be noted that according to available statistics, this model works correctly in 85% of cases.
The Soroshaneh model is created when the price of an asset creates three consecutive peaks. The second peak is called the “head” and is located in the middle of the other two peaks. The first and third tops, or “left and right shoulder”, are usually the same height.
These three peaks are located above a common support line called the “neckline”. Usually after the formation of the third tip or the right shoulder, the price trend breaks through the support of the neckline and falls below it. The purpose of this descending model is also obtained by calculating its maximum height, ie. the distance between the “head” and the “neckline”.
Dodge Quinn seems to be building a similar model from at least March 24. Now that this digital currency has created the right shoulder, it will probably fall to the neckline. As you can see in the image below, if this happens, the price of the Dodge Quinn could fall sharply.
As a result, Dodge Quinn is more likely to make adjustments and move to its cleavage close to $ 0.132. This range is not far from the current price. It is at this level that the 50-day simple moving average (SMA 50 – blue line in the image) hits the graphics and provides additional support.
If Dodge Quinn falls below this point and loses support, the risk of creating a silly model increases. The target of this downtrend is less than $ 1, which is approximately 30% lower than the current price of Dodge Quinn.
Interestingly, the goal for the head and shoulders model is close to the bottom of the Dodge Quinn’s downtrend line. This digital currency has been moving in the mentioned channel (black lines in the photo) since December 2021 (March 1400).
Ilan Musk continues to be an influential factor in Dodge Quinn’s intermediate trends. When it bought a 9.2% stake in Twitter on April 4, Dodge Quinn rose 20% in one direction only, reaching almost its highest quarterly high of $ 0.174.
Then, when retailers withdrew their temporary profits and Dodge Quinn began its adjustment, it became clear that Musk would buy Twitter directly for $ 43 billion. This led to a rise in the price of this digital currency again.
Dodge Quinn fans believe that Mask and his growing influence on Twitter could increase the acceptance and price of Dodge Quinn. People became more encouraging after Vladimir Tenev, CEO of the Robinhood trading platform, said last week that Dodge Quinn could become an “internet currency”.
Of course, Ilan Musk also somehow supported the idea and suggested on board Twitter that Dodge Quinn be used for payments related to Twitter’s monthly subscription service.
The Dodge Quinn Price Analysis publication; A 30% chance of lowering the price appeared first on the digital currency.