DOGS has been in a downtrend for weeks, but recent price action shows signs of a possible reversal. After a +18.50% surge, the price has broken above the key resistance at $0.0007980, suggesting the start of a bullish phase.
Key Insights:
Major Resistance: DOGS has struggled to break $0.0013890 in the past, leading to sell-offs. Clearing this level is crucial for further gains.
Support Levels: Immediate support is at $0.0006125, with resistance at $0.0010000. Breaking through this could signal a retest of $0.0013890, and potentially higher toward $0.0016000.
Buying Volume: Increased buying volume signals a shift in momentum, but the breakout needs confirmation.
Risk Factors: Volatility remains a concern. If DOGS fails to hold above $0.0007980, it could return to a bearish trend.
Trading Strategy: Bullish traders might enter after the breakout with stop-losses below $0.0007980. If resistance holds, it could offer shorting opportunities.
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What do you think? Is this the start of a sustained rally or will resistance hold?
