DOGE: analysis for August 23
Dogecoin is in the bullish trend on the Daily timeframe. The market was in the correction wave and reached the support level with the borders of $0.066 – $0.065.
A pullback buying opportunity was formed after the bullish candle on the Daily timeframe was closed around the support.
The main target for the bullish movement is the resistance level formed on August 16 – 18. Its borders are $0.086 – $0.089.
Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 2 – 5.
When breaking through the support, the trend will reverse and we should look for selling opportunities. However, downside potential is limited as the next support is very close.
A pullback buying opportunity was formed after the bullish candle on the Daily timeframe was closed around the support.
The main target for the bullish movement is the resistance level formed on August 16 – 18. Its borders are $0.086 – $0.089.
Long positions will remain relevant until the market is above the nearest support level on the Daily timeframe, the lows of August 2 – 5.
When breaking through the support, the trend will reverse and we should look for selling opportunities. However, downside potential is limited as the next support is very close.
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