Family, there has been considerable movement in the Dogecoin (DOGE) market recently, and Brother Hao will talk to everyone about its rise and fall trends today.
First, look at the technical pattern. On the 4-hour chart, Dogecoin has formed a symmetrical triangle, and the price fluctuation range is getting narrower, stuck in the range of $0.22 - $0.25. Additionally, the trading volume is also continuously shrinking, which is like the calm before a storm, indicating that it will soon have to choose a direction.
How to choose the direction? If it breaks upwards, that is a bullish situation. Once it breaks through the resistance level of $0.25 with volume, there is potential for further gains. The target price can be seen at $0.26, then $0.28, and if you're feeling bold, it could reach $0.31, with an increase of about 15% - 40%. If it really rises, the profits would be quite tempting. But if it breaks down, meaning a bearish situation, once it fails to hold the support level of $0.22, it will be dangerous and may drop all the way down to $0.205, or even lower to $0.19, with a decline of 8% - 15%, and the losses could be significant.
In the short term, within one month, everyone should focus on the breakout direction in the range of $0.22 - $0.25. Currently, the RSI is oversold and rebounding, while the seasonal decline in August is competing, which is likely to increase market volatility. Be careful and cautious when trading.
In the medium term, over 3 - 6 months, if Dogecoin can stabilize above $0.25 and break through $0.30, there is a good chance of starting an increase of over 130%, with targets reaching $0.54 - $0.80. Conversely, if it falls below $0.18, it’s time to be cautious as it may correct deeply to $0.12, which could mean significant losses.
Brother Hao, my trading strategy today is to short around $0.22100 - $0.22550, targeting a drop to $0.21715 first, and then further to $0.21200. However, the market changes rapidly, and strategies must be adjusted flexibly. Investing in Dogecoin carries significant risks, and everyone should think twice before entering!
