🔥 DOGE Massive Bearish Triangle: What's Next?
Since reaching the ATH around $0.74, DOGE's moves have been predominantly bearish. Of course, DOGE's bearish or bullish moves have been following Bitcoin's moves, but the trend has been straight down whereas BTC is trading sideways.
DOGE's near future moves are highly correlated to Bitcoin. However, we can pin-point a couple of key areas on the chart.
At this point in time, DOGE is trading near the yellow minor support area. This area is acting as an area of potential reversal, but it's much weaker than the red major support area.
A small bounce from the yellow area could occur in the coming days. If DOGE manages to stay above the blue resistance line, we could see a move towards the $0.30 area in a week or so.
However, with a bearish move being slightly more likely, I'd wager that DOGE will be trading in the red major support area fairly soon. For bulls, this might be a great short term trade opportunity, just like we saw during the capitulation event on 22-06. If BTC will go below 30k again in the near future, a move towards $0.15 or even $0.10 is very plausible.
Furthermore, be aware that DOGE is highly susceptible to price 'manipulation' from third parties. A random tweet can launch the price 20% upwards, only to bleed it all away in a couple of days.
Happy trading!
DOGE's near future moves are highly correlated to Bitcoin. However, we can pin-point a couple of key areas on the chart.
At this point in time, DOGE is trading near the yellow minor support area. This area is acting as an area of potential reversal, but it's much weaker than the red major support area.
A small bounce from the yellow area could occur in the coming days. If DOGE manages to stay above the blue resistance line, we could see a move towards the $0.30 area in a week or so.
However, with a bearish move being slightly more likely, I'd wager that DOGE will be trading in the red major support area fairly soon. For bulls, this might be a great short term trade opportunity, just like we saw during the capitulation event on 22-06. If BTC will go below 30k again in the near future, a move towards $0.15 or even $0.10 is very plausible.
Furthermore, be aware that DOGE is highly susceptible to price 'manipulation' from third parties. A random tweet can launch the price 20% upwards, only to bleed it all away in a couple of days.
Happy trading!
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