DOGE: A Technical Approach to a Memecoin
In this post, I'll be taking a technical approach to Dogecoin, one of the hottest memecoins in the crypto scene today.
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
Analysis
- The significant resistance lines are marked by the red horizontal lines
- The price is currently trading below the Exponential Moving Average (EMA) Ribbon, indicating the need to break through in order to resume to the bullish trend
- We have broken out of the short term downtrend, and have formed a bullish reversal pattern - the Adam and Eve pattern
- Based on the formation of the Adam and Eve pattern and its neckline, we could expect a U shape recovery up to the $0.69 mark, given that Bitcoin doesn't correct severely.
- I think that there is bullish market sentiment behind Dogecoin, that could ignite the beginning of a second rally.
If you like this analysis, please make sure to like the post, and follow for more quality content!
I would also appreciate it if you could leave a comment below with some original insight.
Disclaimer: This is not investment advice. This is for educational and entertainment purposes only. I am not responsible for the profits or loss generated from your investments. Trade and invest at your own risk.
Analysis
- The significant resistance lines are marked by the red horizontal lines
- The price is currently trading below the Exponential Moving Average (EMA) Ribbon, indicating the need to break through in order to resume to the bullish trend
- We have broken out of the short term downtrend, and have formed a bullish reversal pattern - the Adam and Eve pattern
- Based on the formation of the Adam and Eve pattern and its neckline, we could expect a U shape recovery up to the $0.69 mark, given that Bitcoin doesn't correct severely.
- I think that there is bullish market sentiment behind Dogecoin, that could ignite the beginning of a second rally.
If you like this analysis, please make sure to like the post, and follow for more quality content!
I would also appreciate it if you could leave a comment below with some original insight.
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