Dogecoin (DOGE) is currently trading within a sideways channel, presenting potential opportunities for traders to capitalize on the next significant price move. According to crypto analyst Crypto Patel, there are two high liquidity grab zones to watch for a possible long entry, with a target of $0.20.
High Liquidity Grab Zones
$DOGE Possible Scenario: Two High Liquidity Grab Zones to Watch: Zone 1: $0.155 – $0.150 Zone 2: $0.141 – $0.137Place your Long bids & aim for the $0.20 target.#Dogecoin #Memecoin pic.twitter.com/z0CPwjhxim
— Crypto Patel (@CryptoPatel) May 29, 2024
Crypto Patel has identified two key zones where traders may consider placing their long bids for Dogecoin:
Zone 1: $0.155 – $0.150
Zone 2: $0.141 – $0.137
These zones represent areas of high liquidity where the price of Dogecoin may find support before potentially continuing its upward trajectory. By placing long bids within these zones, traders can aim for the $0.20 target.
Technical Analysis by altFINS
A detailed technical analysis provided by altFINS suggests that Dogecoin’s near-term outlook is neutral, with the cryptocurrency trading within a sideways channel pattern.
The analysis indicates that DOGE is currently in an uptrend, and traders should wait for another breakout from the sideways channel between $0.13 and $0.17, above the horizontal resistance of $0.17.
Such a breakout would signal a continuation of the uptrend, with a potential 25% upside to the next target of $0.20. To manage risk, a stop loss (SL) level is suggested at $0.155.
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Show more +Show less – DOGE Trend and Momentum Analysis
The altFINS analysis reveals that Dogecoin’s short-term trend is up, while the medium-term trend is classified as “Strong Up.” However, the long-term trend remains neutral.
The momentum is currently bullish but showing signs of inflection, with the MACD (Moving Average Convergence Divergence) line still above the MACD Signal Line. The declining MACD Histogram bars suggest that momentum could be nearing a downswing. The RSI-14 (Relative Strength Index) levels indicate that Dogecoin is neither overbought nor oversold at the moment.
Source: altFINS – Start using it today
DOGE Trading the Sideways Channel
For trend traders, the altFINS analysis recommends waiting for a breakout from the sideways channel in either direction, although the breakout typically follows the direction of the existing trend.
Swing traders, on the other hand, can capitalize on the range by buying near support and selling near resistance.
The altFINS analysis identifies the nearest support zone for Dogecoin at $0.13, followed by $0.11. On the upside, the nearest resistance zone is located at $0.17, with the next resistance level at $0.20.
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