DOGEUSD market analysis

1 PrtGy6E04Q9i6deZi6z95g DOGEUSD market analysis

DOGE is officially listed on CoinFLEX!

Trade now on coinflex.com/markets/DOGE-USD-SWAP-LIN

DOGE has gone up approximately 20,000% in the span of 6 months, from $0.003 to $0.7! DOGE has made a number of investors and traders become millionaires! Meanwhile, it has been a volatile ride for people since there has been a couple of huge ups and downs in the market and hence DOGE is perfect for active traders. As of today, the technical picture of DOGE has a few bearish symptoms, namely:

  • It has a potential head and shoulders pattern with decreasing volume.
  • A half-year upward trendline is broken.
  • DOGE breaks below important support at around $0.3 and now becomes resistance.
  • It potentially has a new downward trendline. (Why potential? stay tuned for the next piece).

As you can see in the chart, when DOGE broke below $0.3 and it plummeted to $0.16 it bounced back to around $0.28. This perfectly touches the resistance and the potential downward trendline. Currently, the price is sitting around $0.25.

On the upside, for DOGE to pick up a new bull trend, it has a couple of obstacles:

  1. DOGE needs to break the potential downward trendline
  2. DOGE needs to break above its previous high at $0.45
  3. DOGE needs to break above its peak price $0.7

 

If DOGE can achieve the above with significant volume, the bull market resumes.

 

Disclaimer: this is not financial advice, do your own research.

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