1. Key Technical Signals:
Ichimoku Cloud: Price has just broken above the Ichimoku Cloud after a long consolidation phase, giving an initial bullish signal. However, the future Kumo cloud has yet to expand strongly.
RSI (14): The RSI is currently around 66.98, approaching the overbought zone (70), suggesting strong bullish momentum but also warning of a possible short-term pullback.
MACD: The MACD line has crossed above the signal line, confirming bullish momentum. The histogram has turned green, supporting the upward move.
2. Elliott Wave Scenario (shown on chart):
The chart is projecting a 5-wave impulsive Elliott Wave pattern with the following target levels:
Wave 1: around 0.32319 USD
Wave 2 (correction): around 0.28997 USD
Wave 3: targeting 0.37091 USD
Wave 4: slight correction expected
Wave 5: final target around 0.43 USD
3. Key Resistance Levels:
0.323 USD: strong resistance and Wave 1 target.
0.37 USD: next major resistance and Wave 3 target.
0.43 USD: projected Wave 5 top.
4. Volume:
Volume is gradually increasing in recent sessions, indicating that buying pressure is returning to DOGE.
Trend Outlook:
Short-term trend (1-2 weeks): Bullish - likely breakout towards 0.323 - 0.37 USD following the Wave 1 and Wave 3 targets.
Medium-term trend: If price holds above the 0.29 USD support after Wave 2 correction, the medium-term outlook remains bullish with a target of 0.43 USD.
Caution: RSI approaching overbought may result in a minor pullback near 0.323 USD before further continuation.
Recommendation:
Consider entering long positions if price breaks and closes above 0.18-0.19 USD resistance zone and clears the Ichimoku Cloud.
Take partial profits near 0.323 USD (Wave 1) and look for re-entry opportunities on the Wave 2 pullback.
Suggested stop loss: below 0.17 USD (recent consolidation low).
Ichimoku Cloud: Price has just broken above the Ichimoku Cloud after a long consolidation phase, giving an initial bullish signal. However, the future Kumo cloud has yet to expand strongly.
RSI (14): The RSI is currently around 66.98, approaching the overbought zone (70), suggesting strong bullish momentum but also warning of a possible short-term pullback.
MACD: The MACD line has crossed above the signal line, confirming bullish momentum. The histogram has turned green, supporting the upward move.
2. Elliott Wave Scenario (shown on chart):
The chart is projecting a 5-wave impulsive Elliott Wave pattern with the following target levels:
Wave 1: around 0.32319 USD
Wave 2 (correction): around 0.28997 USD
Wave 3: targeting 0.37091 USD
Wave 4: slight correction expected
Wave 5: final target around 0.43 USD
3. Key Resistance Levels:
0.323 USD: strong resistance and Wave 1 target.
0.37 USD: next major resistance and Wave 3 target.
0.43 USD: projected Wave 5 top.
4. Volume:
Volume is gradually increasing in recent sessions, indicating that buying pressure is returning to DOGE.
Trend Outlook:
Short-term trend (1-2 weeks): Bullish - likely breakout towards 0.323 - 0.37 USD following the Wave 1 and Wave 3 targets.
Medium-term trend: If price holds above the 0.29 USD support after Wave 2 correction, the medium-term outlook remains bullish with a target of 0.43 USD.
Caution: RSI approaching overbought may result in a minor pullback near 0.323 USD before further continuation.
Recommendation:
Consider entering long positions if price breaks and closes above 0.18-0.19 USD resistance zone and clears the Ichimoku Cloud.
Take partial profits near 0.323 USD (Wave 1) and look for re-entry opportunities on the Wave 2 pullback.
Suggested stop loss: below 0.17 USD (recent consolidation low).
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.
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.