Doge saw significant rise in derivatives toward the 1.3B open interest. We now seeing the necessary reset on funding rates which are currently normalised towards the baseline but surprisingly not bearish. That lack of bearishness is exactly what makes it look bearish. There isn't enough fear.
We take a look through what i think to be decent support ranges and mention some significant gaps in the doge marktcap chart.
Commento
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CNBC, The Verge and many other news outlets just announced
"SpaceX accepts Dogecoin as payment to launch ‘DOGE-1 mission to the Moon’ next year"
This is crazy bullish. Chances are we might not see deeper lows because of this. Let see how it handle inside that neutral zone I drew before breaking new highs.
Commento
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Please be aware that I HAVE NO CLUE if it will actually go to $1.
I speculate that it might
Does it matter? No
Should you manage your own risk understanding that this might go to ZERO tomorrow? ABSOLUTELY
Doge doesn't have any correction, it is returning to its real value which is $0.01. How could we expect a coin to make it top 20 since it has no fundamental and practical use case?
D7R
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Don't over-rationalise we are trading volatility. DOGE is the coin with most popular demand and its fun. With Elon hype behind it, expect anything. I suspect he will put DOGEcoins a hardware wallet and literally send it to the Moon in a future SpaceX lunch.
@ktrinh042, it's a popular highly-speculative day-trading asset, that can rapidly gain momentum. Things don't always have to make sense, as long as they help people make money. If you had big bucks, you could easily keep playing with this for a while. Push it up > create momentum > get traction > dump >> buy again >> rinse and repeat.