To analyze the image and determine the locations of support and resistance, buy and sell orders, and stop loss, we can follow the following steps based on the data displayed in the chart:
1. Support and resistance:
Support level:
The closest clear support level is $0.33572, which is the 24-hour low.
Resistance level:
The nearest resistance level is $0.40382, which is the 24-hour high.
2. Places to buy:
You can buy at levels close to support, such as $0.34, provided you watch the price action to make sure it does not break down.
3. Places of sale:
Selling can be done when approaching a resistance level, such as $0.40, or in the event of an upward breakout at higher levels.
4. Stop Loss:
Stop loss should be placed about 2-3% below the major support level to minimize losses in case of a support break. For example, you can place a stop loss at $0.33.
Additional notes:
The chart shows significant volatility, so it is advisable to confirm entry and exit signals using additional indicators such as RSI or MACD.
Before making any trading decision, make sure to follow the news related to Dogecoin as it greatly affects its movement.
