Recently, the price has been fluctuating in the range of 0.40 to 0.42. Multiple candlesticks with long upper shadows indicate that there is still significant selling pressure above, and the bears have not completely given up. However, from the overall technical perspective, the rebound has begun to gather momentum!
On the daily chart, we can clearly see that the recent candlesticks are in a retracement and consolidation phase, with prices fluctuating within the range of 0.40 to 0.42. The chart shows multiple candlesticks with long upper shadows, indicating significant selling pressure above, and the bulls are facing short-term resistance.
This morning, the price was slightly below the 20 moving average, indicating some short-term pressure. However, when I started writing this article, the current price had already risen above the yellow 20 moving average, indicating that the bulls have begun to exert strength. Moreover, the price has been fluctuating near the yellow 20 moving average in the past few days, showing that the 20 moving average has provided strong support.
Combining our dual moving average trading method, although the price has been under short-term pressure in recent days, the yellow 20 moving average, blue 60 moving average, and purple 120 moving average are still in a bullish arrangement, indicating a healthy trend. If the price retraces to support and rebounds, the opportunity is significant. The current price standing above the 20 moving average confirms this. Bullish.
The bearish red momentum bars of the MACD are gradually weakening, and a rebound may occur at any time. Bullish. The RSI is above the neutral zone and has not entered overbought or oversold territory, indicating that market sentiment is relatively stable. Although the direction is not completely clear, we can see that the RSI has already turned upward. Bullish.
The trading volume on December 10 and 11 significantly increased, indicating that funds had a wave of inflow. However, it gradually fell back, reflecting that some profit-taking occurred. The trading volume has stabilized in recent days, with the market showing a strong wait-and-see sentiment, waiting for new signals to be clearly issued before starting to take action.
So it's not too late to get in now; everyone hold steady and don't get off easily.
Medium to Long-term: [Buy/Sell Points]
I suggest everyone buy 50% of their budget immediately to prevent FOMO, and place limit orders for the following three buy points with the remaining 50% of the budget:
Buy Point One: 0.390 USDT (near the 20 moving average support level and at a round number)
Buy Point Two: 0.370 USDT (near the previous low, with strong buying support)
Buy Point Three: 0.360 USDT (near the previous low, with strong buying support)
Sell in the mid to late stages of a bull market.
$DOGE (Spot)
Short-term Trading: [Buy/Sell Points]
Buy Point One: 0.390 USDT (near the 20 moving average support level and at a round number)
Buy Point Two: 0.370 USDT (near the previous low, with strong buying support)
Long Stop Loss: 0.375 USDT (5 units below Buy Point Two to guard against the risk of breaking support)
Sell Point One: 0.420 USDT (recent high area, significant selling pressure above)
Sell Point Two: 0.430 USDT (round number resistance level, may face greater selling pressure)
Short Stop Loss: 0.435 USDT (5 units above Sell Point Two to guard against further price increases after a breakout)
$DOGE (Contract)
This is my personal understanding of DOGE, and everyone can analyze it in conjunction with their own trading methods.
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