As a seasoned crypto investor with a decade of experience under my belt, I have witnessed numerous market fluctuations and learned to navigate through them with cautious optimism. The recent surge in the crypto market, as indicated by CoinStats, is a testament to the resilience and potential of this dynamic sector.
The 3.33% increase in DOGE over the last day is particularly intriguing, considering its status as a meme coin. While I’ve learned not to underestimate any cryptocurrency, I remain cautiously optimistic about DOGE’s short-term prospects. The hourly chart suggests that the price is close to resistance, and if bullish pressure continues, an upper level breakout could occur, potentially pushing the price towards $0.3320-$0.3340.
However, on the bigger time frame, DOGE seems to lack sufficient energy for a significant move at this moment. For buyers to gain the upper hand, they need to push the price above the $0.34 mark. From a midterm perspective, there are no reversal signals yet, but if bulls lose the interim area of $0.30, a correction towards $0.2724 may ensue.
Having learned from past experiences, I always advise taking profits at opportune moments and never forgetting to set stop losses. In the world of crypto, even the most promising coins can take unexpected turns!
To lighten the mood, let me share a little joke: Why did the Bitcoin go to therapy? Because it had a hard fork!
Most of the cryptocurrencies are in the green zone at the end of the week, according to CoinStats.
DOGE/USD
The rate of DOGE has increased by 3.33% over the last day.
On the one-hour chart, the cost of the meme coin is more near the resistance level than the support. If the bulls’ momentum persists, there might be a chance for an upper level breakthrough, leading to additional growth within the $0.3320 – $0.3340 range.
On the bigger time frame, the rate of DOGE has not accumulated enough energy for a sharp move.
If buyers want to seize the initiative, they need to restore the price to at least the $0.34 mark.
As a seasoned trader with years of experience under my belt, I have learned that markets can be unpredictable and volatile. From my perspective, at this mid-term phase, there are no clear reversal signals yet in the market we’re watching. However, if bulls fail to hold onto the $0.30 interim area, I believe a correction is likely to ensue, potentially pushing the price down towards the support level of $0.2724 in the near future. It’s crucial for traders like myself to stay vigilant and adaptable in these situations, as market conditions can change quickly.
DOGE is trading at $0.3262 at press time.
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2024-12-29 16:26