#DOGE is ready to bounce;
Over the past few weeks, Dogecoin has seen consecutive green daily charts, closing above the 20, 50, and 200-day EMAs. However, Dogecoin has faced challenges in breaking above the $0.14 resistance level, and the current price of Dogecoin is around $0.132, indicating low volatility.
On March 28, the price of Dogecoin reached a two-year high. However, as selling pressure intensified around $0.22, bullish momentum weakened, leading to a sustained bearish trend. The price of the altcoin has plunged by about 41% in the past four months, only recently stabilizing. A descending channel pattern has emerged on the daily chart, leading to a break below the $0.128 support level. The decline marks the first sustained close below the 200-day moving average in nearly seven months, sparking investor concerns.
Despite the bearish sentiment, Dogecoin’s decline stalled at the $0.104 support level, where bullish traders initiated a breakout. In this rally, Dogecoin has broken through the short-term, medium-term, and long-term moving averages, with the 200-day moving average currently supporting around $0.128. If this support holds, Dogecoin could bounce back and could retest the $0.16 resistance level in the near term. Conversely, any deterioration in Bitcoin market sentiment could also weigh heavily on Dogecoin given its strong correlation with BTC.
The market momentum indicator Awesome Oscillator shows a bullish double peak above the zero line, suggesting a possible buying advantage in the near term. Additionally, derivatives data show mixed sentiment. Coinglass statistics show an overall long/short ratio of 0.8864, indicating that most traders hold short positions. However, Binance's DOGE/USDT data shows a more optimistic outlook, with a long/short ratio of 3.3085 for all accounts and 3.6019 for top traders. This divergence suggests a nuanced view among market participants, some of whom still hold bullish expectations.
This period is really a good opportunity for layout
The market has stabilized, and Brother Chuang has been planning for a long time to start layout immediately;
Each land is expected to have a short-term increase of more than 30%, long-term holding or even double;
If you like spot and have more than 1000u to layout
Leave a message in the comment area, let me see it!! ! Free to take you...
