Dogecoin Short-Term Analysis

From the situation observed over the past three trading days, Dogecoin has shown a distinct trend in its price movement, specifically that it has consistently failed to break through the key level of 0.1997 USD. During this period, its price peaked at 0.22 USD; however, it was unable to maintain stability at that level and quickly retreated. This situation indicates that there is considerable pressure above within this price range.

Since 8:00 AM on November 6, 2024, Dogecoin has been hovering below 0.1997 USD. It is noteworthy that this 0.1997 USD level corresponds to the Fibonacci 0.786 level. The Fibonacci sequence holds a special place in the technical analysis of financial markets, and the series of derived ratio levels are often seen as crucial support and resistance areas. The 0.786 level is considered a significant resistance point by many traders and analysts. When the price approaches this level, it often encounters substantial resistance, which suppresses upward price movement, much like Dogecoin's current situation.

If the key resistance level of 0.1997 USD can be effectively breached, from a technical analysis perspective, this may indicate that Dogecoin's price will embark on a new upward trend. At this point, one might consider holding long positions or spot trading, anticipating gains from further price increases. Conversely, if Dogecoin consistently fails to break through this key level in subsequent trading, aggressive traders might consider short-selling. However, it is important to clarify that short-selling carries certain risks and should be approached with caution. Furthermore, from the current situation, this level has a noticeable suppressive effect on Dogecoin's price, and its overall performance is slightly underwhelming, which is a key factor to focus on when analyzing Dogecoin's short-term trends. $BTC $ETH #DOGE看涨情绪飙升 #美联储利率决议来袭 #BTC创历史新高