Dogecoin ($DOGE ) Technical Analysis
Current Price: $0.38844
Short-term Trend: Bearish
Long-term Trend: Bearish
Analysis:
The $DOGE /USDT chart shows a clear bearish trend. The price has been consistently declining over the past few days, forming lower highs and lower lows. The recent price action suggests that the bears are in control and the downward momentum is likely to continue.
Trade Ideas:
Short Trade:
* Entry: Sell at $0.38844 (current price)
* Target: $0.36464 (24-hour low)
* Stop Loss: $0.39668 (24-hour high)
Long Trade (High Risk):
* Entry: Buy at $0.36464 (24-hour low)
* Target: $0.38844 (current price)
* Stop Loss: $0.34000 (support level)
Market Outlook:
Given the current bearish trend, it is advisable to take a cautious approach. Short positions offer a higher probability of success in the short term. However, if the price breaks above the 24-hour high, it could signal a potential reversal.
Leverage:
* Use leverage with caution. It can amplify both profits and losses.
* Always manage risk by setting stop-loss orders.
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