Technical Analysis (TA) of Dogecoin (DOGE) and Trading Strategy - 100% Win
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1. Market Overview
- Current Price: $0.3135 (December 23, 2024)
- 24-Hour Change: -0.89%
- Key Levels:
- Support: $0.30
- Resistance: $0.35
DOGE is consolidating near its support, indicating potential for a breakout or further consolidation.
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2. Chart Analysis
- Moving Averages:
- 50-day MA: $0.320
- 200-day MA: $0.310
- Near crossover suggests potential trend shift.
- Indicators:
- RSI: At 55, signaling neutral momentum (not overbought or oversold).
- MACD: Bullish crossover shows possible upward momentum.
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3. Trading Strategy
- Entry Point: $DOGE
- Buy above $0.35 with high volume confirmation for an upward breakout.
- Alternatively, buy near $0.30 if there’s a strong bounce at support.
- Take Profit (TP): $DOGE
- Target $0.40, aligning with recent highs and providing a favorable risk-reward ratio.
- Stop Loss (SL): $DOGE
- Place at $0.32, just below the 200-day MA and support zone.
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