Dogecoin's $10-$30 profit zone is based on historical patterns and projections.
Traders maintain bullish sentiment despite declining open interest and cautious market behavior.
November's record monthly close reinforces confidence in Dogecoin's growth potential this cycle.
Dogecoin (DOGE) could be heading toward a prime profit zone between $10 and $30 in this cycle. Historical patterns point to this range as a potential sweet spot for traders. Analysts reached this target by doubling the previous all-time high from the bottom and projecting a triangle for future growth. With record-breaking momentum and strong bullish sentiment, this cycle offers a unique chance for traders to secure gains by taking profits strategically.
https://twitter.com/TATrader_Alan/status/1863505659859488827 Traders Hold Steady as Market Dynamics Shift
Over the past 90 days, traders maintained a bullish stance, with long positions reaching the 92nd percentile. This overwhelming confidence highlights strong expectations for price growth. However, the percentage of long positions has remained stable over the last 24 hours, showing steadiness among traders.
At the same time, open interest has dropped significantly. This decline reflects fewer new futures and options contracts being opened. While many traders hold their positions, others appear cautious, reducing exposure or taking profits.
This mix of optimism and caution shows a market at a pivotal point. Traders believe in Dogecoin’s potential but also show prudence amid uncertain conditions. These factors set the stage for profit-taking as prices approach $10-$30, balancing ambition with risk management.
November’s Record Close Signals Strength
November was a game-changer for Dogecoin. Prices surged 237%, reaching $0.480 from a monthly low of $0.142. The monthly close set a new record, surpassing all previous highs and fueling investor confidence.
Strong trading volume supported this rally, showing a solid foundation for sustained growth. Former resistance at $0.31 has turned into a possible support level, providing stability for future retracements or consolidations.
This surge reinforces the $10-$30 target for profit-taking in this cycle. Traders aiming to secure gains should start exiting as prices near $10. Acting early can ensure maximum returns while minimizing risks.
The post Dogecoin Profit Zone: $10-$30 Could Be the Sweet Spot This Cycle appeared first on Crypto News Land.
