The two popular cryptocurrencies in the market $DOGE and $SPK , which one do you favor?
Both currencies are stuck at critical price levels, creating a "double kill" situation. One is at the last line of defense for bulls, and the other is holding the survival line, with the countdown for a trend change already started.
Let's talk about Dogecoin first; its price is fluctuating between 0.19 and 0.20. If it breaks below, the leverage liquidation zone will trigger a chain decline. Even more dangerously, trading volume is drying up. There isn't much news directly related to Dogecoin, and market sentiment is quite dull.
SPK is stuck at 0.089, continuously pressured down, indicating that the strength of bears is diminishing, but the trading volume is shrinking, and the RSI3 is approaching the oversold area, so a trend change requires volume support. Tomorrow, SPK will unlock 32 million coins, coupled with an early institution depositing 12 million coins into Binance, clearly aiming to crash the market.
Trading advice: Don’t rush to open positions around 0.20 for Dogecoin; wait for a breakout above 0.23 to go long. After it breaks below 0.20, lightly short, keeping an eye on the SEC's ETF approval results and Musk's updates. For SPK, buy in batches and keep total holdings under 10%; if it breaks below 0.087, quickly cut losses, and be cautious when chasing after a breakout. If both break through resistance levels, chase on the right side, but don’t go heavy!
Both cryptocurrencies are influenced by Bitcoin's movements; if Bitcoin loses the 117,500 level, the risk of DOGE dropping is >15%, and the probability of SPK dropping is >12%. Additionally, opening of the US stock market may trigger severe volatility, so plan your trades in advance.
Still unsure how to operate in this market? Follow me for strategies; execution is up to you! There are limited positions available; those who act fast will benefit, while those who hesitate will miss out!
