Technical Analysis for DOGS
Technical Analysis for DOGS 🐶
While it might be a bit early for a full technical analysis on DOGS, it's possible to assess the situation using the 4-hour and 1-hour timeframes. 🕒
Currently, the 24-hour trading volume has significantly decreased, which could indicate that the selling pressure from those who received the DOGS airdrop is subsiding 📉. The liquidity pool earnings for DOGS are at an acceptable level, making it a potential candidate for DeFi investments.
However, the biggest challenge remains that the true price of DOGS hasn't been fully established yet.
Key Observations:
On the 1-hour chart, DOGS is below a trendline, which can also be seen as a channel 📊.
If there isn't a downward movement within the next 21 hours, it will indicate a weakening of the downtrend. In that case, the probability of breaking the trendline and confirming the trendline trigger at 11656 increases. This could be an opportunity to place a buy order or open a long position with a stop below the box (the safest stop level) 🛑.
Based on the market structure, a smaller stop-loss could also be considered in this scenario.
However, if the price drops within the next 10 hours, the downtrend will strengthen, and the 10648 level could serve as a good trigger for a short position or selling DOGS 🚨.
Note: The support levels mentioned were determined using the reverse Fibonacci retracement method and are not entirely confirmed yet 🔍.
Important Reminder:
Technical analysis is based on probabilities, and no one can predict the future with certainty. Therefore, risk management and capital management are crucial at all times. 🚨📉
Categories: Trend Analysis, Support and Resistance, Fibonacci Analysis
Hashtags: #DOGS #CryptoAnalysis #DeFi #Tradecitypro #TCP 🚀
While it might be a bit early for a full technical analysis on DOGS, it's possible to assess the situation using the 4-hour and 1-hour timeframes. 🕒
Currently, the 24-hour trading volume has significantly decreased, which could indicate that the selling pressure from those who received the DOGS airdrop is subsiding 📉. The liquidity pool earnings for DOGS are at an acceptable level, making it a potential candidate for DeFi investments.
However, the biggest challenge remains that the true price of DOGS hasn't been fully established yet.
Key Observations:
On the 1-hour chart, DOGS is below a trendline, which can also be seen as a channel 📊.
If there isn't a downward movement within the next 21 hours, it will indicate a weakening of the downtrend. In that case, the probability of breaking the trendline and confirming the trendline trigger at 11656 increases. This could be an opportunity to place a buy order or open a long position with a stop below the box (the safest stop level) 🛑.
Based on the market structure, a smaller stop-loss could also be considered in this scenario.
However, if the price drops within the next 10 hours, the downtrend will strengthen, and the 10648 level could serve as a good trigger for a short position or selling DOGS 🚨.
Note: The support levels mentioned were determined using the reverse Fibonacci retracement method and are not entirely confirmed yet 🔍.
Important Reminder:
Technical analysis is based on probabilities, and no one can predict the future with certainty. Therefore, risk management and capital management are crucial at all times. 🚨📉
Categories: Trend Analysis, Support and Resistance, Fibonacci Analysis
Hashtags: #DOGS #CryptoAnalysis #DeFi #Tradecitypro #TCP 🚀
Disclaimer
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