DOGE Surge: Genuine Rally or Market Hype?
Updated
DOGEUSDT is currently in a distribution phase, targeting a key resistance level at 0.11546. Both the global and local trends remain bearish, with no clear signs of a breakout just yet. However, a countertrend rally is beginning to take shape.
On the 4-hour chart, a sideways range is dominating the scene. The last time this 0.11546 resistance was tested was exactly one month ago during its formation. Given the strength of the current bearish momentum, the likelihood of breaking above this level appears low. A more probable scenario would be a rebound or a false breakout, leading to a potential correction.
However, this outlook could shift if there is no pullback or if DOGE consolidates near 0.11546, showing signs of a retest and a readiness to push higher.
Key resistance sits at 0.11546, with support levels at 0.11099, 0.107, and 0.103. Despite its current positioning, DOGE lacks significant trader interest due to frequent manipulations by large market players. In light of the broader bearish trend, it's advisable to watch for strong resistance levels as potential bounce opportunities rather than expecting sustained upward movement.
Traders, if you found this idea helpful or have your own insights to share, feel free to drop a comment. I’d love to hear your thoughts!
On the 4-hour chart, a sideways range is dominating the scene. The last time this 0.11546 resistance was tested was exactly one month ago during its formation. Given the strength of the current bearish momentum, the likelihood of breaking above this level appears low. A more probable scenario would be a rebound or a false breakout, leading to a potential correction.
However, this outlook could shift if there is no pullback or if DOGE consolidates near 0.11546, showing signs of a retest and a readiness to push higher.
Key resistance sits at 0.11546, with support levels at 0.11099, 0.107, and 0.103. Despite its current positioning, DOGE lacks significant trader interest due to frequent manipulations by large market players. In light of the broader bearish trend, it's advisable to watch for strong resistance levels as potential bounce opportunities rather than expecting sustained upward movement.
Traders, if you found this idea helpful or have your own insights to share, feel free to drop a comment. I’d love to hear your thoughts!
Trade closed: stop reached
to the level of target override.
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