Dogecoin Nears Key Turning Point As TCT Model Begins To Form

The Dogecoin price is still compressed into a narrowing range just below $0.1, but analyst Lars has issued an update to a technical framework he has been tracking for weeks, one that now points to a significant move coming for the meme cryptocurrency. The outcome, however, hinges on one crucial confirmation that has yet to arrive.

That band sits above a series of rising local lows on the one-hour candlestick chart, and the projected path suggests one more push higher into a third tap before rejection. The 4-hour chart carries the same idea on a broader timeframe, where Lars labels the region as a decisional range to monitor for distribution schematics, adding that no confirmation means no trade.

One scenario was that the breakdown was genuine, with market makers stepping in to push the price lower right at the session open. The other pointed to a manipulation sell-off, possibly linked to Bitcoin accumulation.

Featured image from Unsplash, chart from TradingView