Doge Update as of September 9, 2024 6:00 pm
**Bias:** Bullish
**Rationale:**
* **Breakout of downward trend:** The recent breakout above the resistance level of 0.09000 in 1 and 4-hour timeframes suggests a potential reversal of the downtrend.
* **High volume:** The breakout was accompanied by an increase in trading volume, indicating increased buying pressure.
* **Technical indicators:** The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both moving upwards and out of oversold territory, supporting the bullish bias.
**Suggestion:**
Based on these technical indicators, I would suggest considering the following:
* **Potential entry point:** A conservative entry point could be above the resistance level of 0.09000, once it is retested and confirmed as support.
* **Stop-loss:** A stop-loss could be placed below the recent low of 0.08000.
* **Target:** A potential target could be the previous high of 0.11400.
**Caution:**
Please note that this is a technical analysis and does not constitute investment advice. Always conduct your own research and consider your personal risk tolerance before making any trading decisions.
**Rationale:**
* **Breakout of downward trend:** The recent breakout above the resistance level of 0.09000 in 1 and 4-hour timeframes suggests a potential reversal of the downtrend.
* **High volume:** The breakout was accompanied by an increase in trading volume, indicating increased buying pressure.
* **Technical indicators:** The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are both moving upwards and out of oversold territory, supporting the bullish bias.
**Suggestion:**
Based on these technical indicators, I would suggest considering the following:
* **Potential entry point:** A conservative entry point could be above the resistance level of 0.09000, once it is retested and confirmed as support.
* **Stop-loss:** A stop-loss could be placed below the recent low of 0.08000.
* **Target:** A potential target could be the previous high of 0.11400.
**Caution:**
Please note that this is a technical analysis and does not constitute investment advice. Always conduct your own research and consider your personal risk tolerance before making any trading decisions.
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Declinazione di responsabilità
Le informazioni ed i contenuti pubblicati non costituiscono in alcun modo una sollecitazione ad investire o ad operare nei mercati finanziari. Non sono inoltre fornite o supportate da TradingView. Maggiori dettagli nelle Condizioni d'uso.