Brief Analysis ——DOGE
At the end of April, BTC entered in a correction. The party for the meme coins has started. Various meme coins have risen. And now that the bulls in the market is decaying again, is there still a chance for meme coins?
Today we have chosen three meme coins for brief analysis. They are PEPE, FLOKI and DOGE, among which DOGE has experiences through many times.
DOGE is an old-school meme coins. After Elon Musk joined, it is not even a pure meme coins. Although the DOGE will be largely influenced by Musk, it is still possible to judge the current situation through technical analysis.
In 2023, Doge almost maintained a range (gray area). Although the range is downward, the slope wasn’t steep, and the strength of the bulls was obvious in the process. So when the price fell to the lower rail of the range again in early June, Doge began to rise with fluctuation. Price rose further above the mid-line after quickly covering losses in early June. During the rise (shown by the green line), the bears was weak, and the price rose on Tuesday. Although the red candle appeared on Tuesday, the bulls was still ahead of the bears.
Conclusion: The high probability rise is not over. DOGE is neutral on a large scale and bulls was dominant on a small scale. The price is not facing strong resistance at the current price level. So we come to this conclusion. We set resistance level at 0.096 and support level at 0.06. Bears was unlikely to strengthen before the price approaches the upper rail of the gray area.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
Today we have chosen three meme coins for brief analysis. They are PEPE, FLOKI and DOGE, among which DOGE has experiences through many times.
DOGE is an old-school meme coins. After Elon Musk joined, it is not even a pure meme coins. Although the DOGE will be largely influenced by Musk, it is still possible to judge the current situation through technical analysis.
In 2023, Doge almost maintained a range (gray area). Although the range is downward, the slope wasn’t steep, and the strength of the bulls was obvious in the process. So when the price fell to the lower rail of the range again in early June, Doge began to rise with fluctuation. Price rose further above the mid-line after quickly covering losses in early June. During the rise (shown by the green line), the bears was weak, and the price rose on Tuesday. Although the red candle appeared on Tuesday, the bulls was still ahead of the bears.
Conclusion: The high probability rise is not over. DOGE is neutral on a large scale and bulls was dominant on a small scale. The price is not facing strong resistance at the current price level. So we come to this conclusion. We set resistance level at 0.096 and support level at 0.06. Bears was unlikely to strengthen before the price approaches the upper rail of the gray area.
If you have any ideas, welcome to communicate with us:)
Disclaimer: Nothing in the script constitutes investment advice. The script objectively expounded the market situation and should not be construed as an offer to sell or an invitation to buy any cryptocurrencies.
Any decisions made based on the information contained in the script are your sole responsibility. Any investments made or to be made shall be with your independent analyses based on your financial situation and objectives.
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