What's the next step for DOGE? Let's take a look:
This 4-hour chart of DOGE against USDT, let me briefly share my thoughts:
The key point is here:
In terms of price, DOGE is currently at 0.40492, down 2.39%. It is below the 7-hour moving average (EMA7), but close to the 25-hour moving average (EMA25), which indicates that it may still need to drop a bit in the short term.
Regarding indicators:
The stochastic RSI is currently at 8.4, which is oversold. If buyers come in, there might be a rebound.
The RSI (the relative strength index) is now at 41.93, not strong momentum, but also not at the oversold level.
Support and resistance:
For support, the most recent level is around 0.38 (the lowest price recently reached).
As for resistance, the immediate level is 0.4377, which is the highest price in the last 24 hours.
Possible next steps:
If it goes up and more buyers come in, DOGE may try to test the resistance at 0.4377, and if it breaks through, 0.48 is possible.
If it continues to drop, then the support at 0.38 may not hold, and it might need to check around 0.36 (which is close to the 99-hour moving average EMA99).
In terms of strategy:
For those trading short-term, watch for the stochastic RSI turning up from the oversold area, which could be an entry signal.
Manage risks well: if it drops further, set a stop loss just below 0.38.
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