DOGE/USDT: Positive trend but keep an eye on resistance level
Detailed analysis:
1. Current price: 0.32711 (increase of 2.92%).
The price is close to the resistance level of 0.32970 in the 1-hour chart, which is the highest level in 24 hours. The trading volume is 207.03M USDT, indicating the growing interest of investors.
2. Resistance and Support Levels:
Key resistance level: 0.32970.
Nearest support level: 0.31582.
The price is currently near the resistance zone, and it is important to pay attention to whether it breaks it or fails.
3. Technical indicators:
RSI (6): 59.77 (1-hour frame), which is almost close to the overbought zone and could signal short-term profit booking.
MACD: Positive, but the MACD and signal line are getting closer to each other, which indicates a downtrend in the uptrend.
Bollinger Bands: The price is trading near the upper band, which shows a strong uptrend but one should be alert for a possible correction.
Trading Strategy:
Entry Point:
If the price breaks the resistance of 0.32970 with high volume, consider buying.
An ideal level to buy after confirmation could be around 0.32750.
Target Profit Level:
If the resistance breaks, the price can reach 0.34000.
Stop Loss:
Set a stop loss at 0.32000 to minimise the risk from any potential reversal in the market.
Please note:
Keep an eye on the volume and price reaction at the 0.32970 level to confirm the next trend.
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