So is doge really going to moon it or dump and leave many holding a lumpy bag of doge? Not to worry, daddy is here to help.
Macro view
The long term trend is in tact. A megaphone-ish pattern is developing and price will need to stay within a solid range building support above .50 in order to gain momentum and break to new highs. If this does not happen and instead momentum falls apart, prepare for fresh Dogerrhea.
The Bad News
A bearish rising wedge broke to the downside recently and now is retesting. To make matters worse, the MACD indicator is showing momentum is rolling over.
What to watch next
Support and resistance become channels after they are verified by price action. High volume came in at the levels marked here and have since become significant levels. Should the scenario remain bearish , a break below current support would likely flush it down to the next level. Alternatively, if it goes the other way it would be ideal to see stabilization in the price first. In this case waiting for a clean break to new highs is the safest play. If it's going to $10 then a few cents won't matter.
For now the chart looks like there will be a lot of indecisive chop for some time as I'm guessing those who made 1000's of percent gains will look for somewhere to take profit.
Macro view
The long term trend is in tact. A megaphone-ish pattern is developing and price will need to stay within a solid range building support above .50 in order to gain momentum and break to new highs. If this does not happen and instead momentum falls apart, prepare for fresh Dogerrhea.
The Bad News
A bearish rising wedge broke to the downside recently and now is retesting. To make matters worse, the MACD indicator is showing momentum is rolling over.
What to watch next
Support and resistance become channels after they are verified by price action. High volume came in at the levels marked here and have since become significant levels. Should the scenario remain bearish , a break below current support would likely flush it down to the next level. Alternatively, if it goes the other way it would be ideal to see stabilization in the price first. In this case waiting for a clean break to new highs is the safest play. If it's going to $10 then a few cents won't matter.
For now the chart looks like there will be a lot of indecisive chop for some time as I'm guessing those who made 1000's of percent gains will look for somewhere to take profit.
Note
Doge played out exactly as anticipated crashing to the April lows. Continuing the trend is now more likely to happen and breaking down would cause more intense selling. Ugly chart. Note
If price can get above .40 it would signal a trend changeNote
Trend change? If it is a false break out, we plunge. 
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.