Entry, Target, and Stop Loss Levels:
Entry: $0.19 - $0.20
Target 1: $0.28
Target 2: $0.45
Stop Loss: $0.127
Technical Analysis Breakdown
1. Monthly Chart Overview:
The provided chart is set to the 1M (monthly) timeframe, indicating a broader trend perspective. Key observations:
Historical Resistance & Support:
DOGE previously hit an all-time high of $0.73995 in 2021.
The price later retraced and consolidated around $0.05 - $0.10 for an extended period.
A recent breakout above the $0.127 resistance signals bullish momentum.
2. Moving Averages (MA) Analysis:
MA(7) (Yellow Line): Currently around $0.248, indicating short-term resistance.
MA(25) (Pink Line): Previously acted as a support and is currently aligning near $0.14.
Interpretation:
The price is currently between these moving averages, and if it breaks above the MA(7) at $0.248, it could trigger a strong bullish move.
3. Volume Analysis:
There was a sharp increase in trading volume during the breakout.
Volume plays a crucial role in confirming trend strength. If buying volume sustains, DOGE could target $0.28 - $0.45.
4. Candlestick Pattern:
The recent green candles with high wicks indicate strong bullish attempts but some resistance.
However, the higher lows formation suggests accumulation rather than reversal.
5. Fibonacci Retracement Levels:
Applying Fibonacci from $0.00224 (2019 low) to $0.73995 (2021 high):
38.2% Fib level: Around $0.289, which aligns with our first target.
50% Fib level: Around $0.45, which is our second target.
6. RSI (Relative Strength Index):
The RSI is currently in a neutral to bullish zone (not visible in the image but can be inferred from price movement).
If RSI crosses 70, it may signal overbought conditions, but right now, there is room for further upside.
Conclusion:
Bullish Breakout: The recent breakout suggests an uptrend continuation.
Strong Support at $0.127: If price holds above this, bulls remain in control
Key Resistance Levels: $0.248, $0.28, and $0.45.
Trading Strategy: Enter around $0.19 - $0.20, target $0.28 - $0.45, and set a stop loss at $0.127 for risk management.
Call to Action:
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