DOGE/USD to $0.50 by May 1, $0,678+ top in May
I frequently post TA ideas for Cardano (ADA/USDT). Today I thought I would take a look at DOGE given the recent impulse move and see where prices go in this leg up.
After sideways price action in March for many altcoins, trends have started to reverse to the upside, BTC has new ATH's, and BTC dominance is below 55%, telling us that the next wave of this altcoin season is here. Many altcoins are poised to make massive gains in the next few weeks. Some, like DOGE, already have. Across many coins I see a pattern of a local peak for new ATH's in the first week of May (possibly mid-May) before a bit of consolidation.
Looking at the indicators for DOGE in multiple timeframes over the next 2 weeks, my findings can be summarized as follows:
1) Current rally may soon top (0.19 is a resistance fib and 0.20 is a strong psychological level), though a wick to 0.22 is possible
2) Retracement would likely be short-lived, and a target of the 0.14 fib region (~30%) seem probable, but a bit higher and lower are also possible
3) Retracement to the 0.14 region would be an excellent entry point. I would suggestion caution entering at current prices (0.18/0.19)
4) RSI looks to continue its rise, which combined with expanding Bollinger Bands (LSMA indicator), could sustain upward momentum until the second week of May
5) If the trend continues, the 0.49 fib has a good chance of being met by May 1st
6) If the 0.49 fib/0.50 psychological level can be broken, then the next level would be 0.678 before upward momentum might start to exhaust
Good luck and good fortune!
After sideways price action in March for many altcoins, trends have started to reverse to the upside, BTC has new ATH's, and BTC dominance is below 55%, telling us that the next wave of this altcoin season is here. Many altcoins are poised to make massive gains in the next few weeks. Some, like DOGE, already have. Across many coins I see a pattern of a local peak for new ATH's in the first week of May (possibly mid-May) before a bit of consolidation.
Looking at the indicators for DOGE in multiple timeframes over the next 2 weeks, my findings can be summarized as follows:
1) Current rally may soon top (0.19 is a resistance fib and 0.20 is a strong psychological level), though a wick to 0.22 is possible
2) Retracement would likely be short-lived, and a target of the 0.14 fib region (~30%) seem probable, but a bit higher and lower are also possible
3) Retracement to the 0.14 region would be an excellent entry point. I would suggestion caution entering at current prices (0.18/0.19)
4) RSI looks to continue its rise, which combined with expanding Bollinger Bands (LSMA indicator), could sustain upward momentum until the second week of May
5) If the trend continues, the 0.49 fib has a good chance of being met by May 1st
6) If the 0.49 fib/0.50 psychological level can be broken, then the next level would be 0.678 before upward momentum might start to exhaust
Good luck and good fortune!
Note
April 16 daily update: Prices have already broken the 0.22 fib level and wicked to 0.25. The rocket launch continues, but today could see a turning point. The .268 fib could be tested during the day as upward momentum appears strong. However, this would be well past the upper red B-band, which is at the 0.22 fib level. DOGE could take a pause and stay around 0.22, or a retracement could start. With prices up >210% in just a few days, retracement risk is significant and increasing. A likely retracement level continues to be the 0.14 region, if it occurs.Note
April 16 mid-day update: I won't normally do mid-day updates, but DOGE has surprised today. While the crypto markets are down around 5%, DOGE is up 70%. The white EMA levels are still quite low at 63 in the 12H, which is rarely enough to push prices to the upper red Bollinger Band, even when green EMA, red RSI, and blue LSMA are very high. This shows the incredible strength of this impulse move. Given these unusual circumstances, 0.40 is possible by the end of the day on a wick above the red B-Band. 0.365 appears more likely if upward momentum can continue through the next 12 hours. Please bear in mind that price movements are like a rubber band. One this extreme can produce a very strong rebound (retracement).
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.