DOGE, this old friend, has recently been moving in a tepid manner, hovering around the middle band of the Bollinger Bands on the 4-hour chart, currently undergoing a sideways consolidation.
Looking at the chart, it's quite interesting, with a high position doji star and a flat top. The level of 0.256 is encountering resistance, and the MACD fast and slow lines are hovering just above the zero line, almost about to form a death cross. The red bars are getting shorter, indicating that the bulls are somewhat losing strength.
The lower level of 0.219 serves as a strong support recently. If this position breaks down, it might test the previous low of 0.129. However, the lower band of the Bollinger Bands is still rising, indicating that the overall trend is not broken, just unable to move up.
Such a market on weekends is the most frustrating, going up only to be pushed back down, and going down only to be supported back up, a constant back-and-forth. The candlestick patterns are sticky, and the three internal upward formations have not been able to continue, so it is estimated that we will continue to see fluctuations in the short term.
This position is quite awkward, chasing the rise is feared to be trapped, while shorting might lead to getting slapped in the face by a rebound. The Bollinger Bands are narrowing, signaling that a change in trend is imminent; we just need to see which direction it will break out.
DOGE has always been driven more by sentiment than by technicals. When it really starts to move, it could just be a big bullish or bearish candle. Currently, the trading volume has shrunk significantly, with everyone waiting for direction.
As the market continues to change, we need to closely monitor market signals and seize new entry opportunities. Like and comment, and let's navigate through the bull market together and seize this major opportunity!
