DOGEUSDT Broke above the 1D MA50. Is the MA200 next?
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For this particular analysis on Dogecoin we are using the DOGEUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where DOGE broke today above its 1D MA50 (blue trend-line) for the first time since September 24. The Twitter - Musk news certainly weigh on the price but as always the important developments lie in the technicals. We have decided that for a better understanding, it is best to show the longer term picture of Dogecoin which as you see since its May 2021 market top, it has been within a Channel Down pattern.
Right now the price is above its middle (0.5 Fibonacci) but it is critical to note that since late August, while the price was on Lower Lows, the 1D RSI has been on Higher Lows, i.e. there has been a Bullish Divergence. As you see, this worked in favor of the price that broke out today. It is best to view this rise a step at a time and target the upper Resistance levels involved, with the ultimate medium-term target the 1D MA200 (orange trend-line).
As you see this could replicate the rise to the April 05 High that was rejected on the 1D MA200 and the top (Lower Highs trend-line) of the Channel Down, so we can't yet call for a long-term trade until we get a closing outside that pattern.
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For this particular analysis on Dogecoin we are using the DOGEUSDT symbol on the OKX exchange.
*** ***
The idea is on the 1D time-frame where DOGE broke today above its 1D MA50 (blue trend-line) for the first time since September 24. The Twitter - Musk news certainly weigh on the price but as always the important developments lie in the technicals. We have decided that for a better understanding, it is best to show the longer term picture of Dogecoin which as you see since its May 2021 market top, it has been within a Channel Down pattern.
Right now the price is above its middle (0.5 Fibonacci) but it is critical to note that since late August, while the price was on Lower Lows, the 1D RSI has been on Higher Lows, i.e. there has been a Bullish Divergence. As you see, this worked in favor of the price that broke out today. It is best to view this rise a step at a time and target the upper Resistance levels involved, with the ultimate medium-term target the 1D MA200 (orange trend-line).
As you see this could replicate the rise to the April 05 High that was rejected on the 1D MA200 and the top (Lower Highs trend-line) of the Channel Down, so we can't yet call for a long-term trade until we get a closing outside that pattern.
-------------------------------------------------------------------------------
** Please LIKE 👍, SUBSCRIBE ✅, SHARE 🙌 and COMMENT ✍ if you enjoy this idea! Also share your ideas and charts in the comments section below! This is best way to keep it relevant, support me, keep the content here free and allow the idea to reach as many people as possible. **
-------------------------------------------------------------------------------
You may also TELL ME 🙋♀️🙋♂️ in the comments section which symbol you want me to analyze next and on which time-frame. The one with the most posts will be published tomorrow! 👏🎁
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