🐶DOGE/USDT🐶

✔️ Old dog $DOGE , after making a nearly 2X rise from the bottom area in the past weeks, has been in the correction process for a while and has fallen 25% from the local top it created. The price is currently at a level that can act as support, but as seen in the chart, our first main support level appears to be $0.16. Since DOGE has parabolic rises and falls due to the volatility that occurred especially with the #memecoin‬⁩ hype experienced last month, unfortunately we do not have a healthy chart, so the levels that we can determine as support and resistance zones are weak, which proves to us that DOGE and other Memecoins are a risky investment.

✔️ When we examine DOGE on the 4-hour chart, the RSI indicator tells us that DOGE is in the selling zone but has not yet entered the oversold zone, which shows us that the price may still be in an intermediate zone. I have shown the levels that can serve as support and resistance for DOGE on the chart. My personal opinion is that it would be more logical to make a gradual spot investment for DOGE because when we examine the liquidation levels on the monthly chart, we see that there are still more intense long liquidations in the lower regions.

✔️ If there is no general hype or negative situation in the Memecoin market in the coming days, I think that DOGE will exhibit price movements in correlation with BTC and TOTAL charts and therefore it is more unreasonable to invest in DOGE now than other coins. However, as I mentioned, it may be a logical move to make spot purchases when the price reaches each support zone, provided that you make gradual purchases. If there is a periodic #memecoin‬⁩ hype as in the past weeks, I think this strategy will make money.

❗️ What I write here is my own opinion and is not investment advice. #dyor