This chart represents the price of DOGE/USDT on Binance using 15-minute intervals, with the Volume Weighted Average Price (VWAP) indicator applied. Here’s a technical analysis based on the chart:
1. Trend Overview:
The price seems to be fluctuating within a range, showing both upward and downward movements, indicating a sideways or consolidating market.
The recent candles suggest a slight bullish momentum as the price is trading above the VWAP line.
2. Support and Resistance:
Support: The price found a base around $0.4136 (24-hour low) where buying pressure likely increased.
Resistance: Around $0.4523 (24-hour high) is a key resistance, as previous upward movements were rejected near this level.
3. VWAP Analysis:
The price trading above the VWAP suggests short-term bullish momentum, meaning buyers are currently more dominant.
If the price dips below VWAP, it may signal a reversal to bearish sentiment.
4. Volume:
The volume at 1.56 billion USDT indicates significant trading activity, implying active participation by traders in this range.
5. Short-Term Outlook:
A breakout above $0.4523 could lead to further upside.
Conversely, a breakdown below $0.4300 could lead to testing lower levels near $0.4100.
Strategy
For bullish trades, consider entering above $0.4523 with a tight stop loss.
For bearish trades, watch for breakdowns below $0.4300 and target lower levels.
