$DOGE
DOGE Price Analysis
Dogecoin has been a bit playful lately! It closed below the ascending channel on January 28, with bears trying to take control, but bulls are not backing down and are attempting to pull the price back into the channel. Let's take a good look at how this game is going to play out!
Near the moving average: If bulls want to turn things around, this is the first hurdle. Only after breaking through can they hope to regain an upward trend.
$0.40: Once the moving average is conquered, this could be the bulls' second target and a key short-term resistance.
$0.30: Currently the “line of life and death,” if it falls below this level, it could trigger a larger decline.
$0.26 (61.8% Fibonacci retracement level): Strong support, dropping to this level is expected to attract significant buying interest.
Technical Signal Analysis:
Bears in Control:
The ascending channel pattern has been broken, coupled with significant selling pressure near the moving average, indicating that bears are temporarily dominant. If the price falls back from the moving average, $0.30 may be difficult to hold.
Bulls Counterattack:
If bulls can pull the price back into the channel and break through the moving average, this decline may just be a “false fall.” The bulls' target will directly aim for $0.40, and it may even challenge the channel resistance line.
Short-Term Strategy Suggestions:
Bullish Operations:
Entry Conditions: Price breaks above the moving average and stabilizes, confirming a bullish counterattack, consider entering for a long position, targeting $0.40.
Stop-Loss Suggestion: Stop loss if the price falls back below $0.33.
Bearish Operations:
Entry Conditions: If the price encounters resistance near the moving average and turns downward, or breaks below $0.30, consider following through with a short position, targeting $0.26.
Stop-Loss Suggestion: Stop loss if the price rebounds above $0.32.
