DOGE Dogecoin May Be In For A Deeper Correction
Short term Doge looks like its in trouble. It looks like a big move down is imminent. Bearish pennant, bearish cross 50 over the 100. A significant move down in Doge and the whole market is about to happen in my opinion. I could be wrong and this is a fake out and we blast to the upside but look at Litecoin and what happened when the 50 crossed over the 100 just recently and now the 50 is crossing over the 200 on Litecoin. If Bitcoin drops to 50s then expect this to happen 100% and possibly even lower targets as the new people who just got in with their rent money sell at the bottom. Could be a fire sale if a person is in the right place at the right time. Not financial advice just my opinion , Good luck out there
A closure above the 100 SMA blue line and then the previous high on a 4 hour candle would invalidate this whole thing and Doge will continue its rally to crazy new all time highs. Im leaning towards a correction on this one.
WEAR AN EXTRA SHIRT IN CASE YOU LOSE THE FIRST ONE :)
A closure above the 100 SMA blue line and then the previous high on a 4 hour candle would invalidate this whole thing and Doge will continue its rally to crazy new all time highs. Im leaning towards a correction on this one.
WEAR AN EXTRA SHIRT IN CASE YOU LOSE THE FIRST ONE :)
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I dont think it takes as long as that chart Im just pointing out similarities. I think if it does come down it comes straight down and then straight back up.
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If Bitcoin breaks the high again and keeps going then this may be invalidated and there is continuation to the upside with no significant draw down.
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Critical point. Dogecoin is trying to get above the resistance but it meeting some sellers. If DOGE breaks below the wedge at around 16 cents and closes below on at least an hourly then we may be on the edge of a big pullback. Litecoin already broke below so perhaps Doge is next. They usually follow one another.
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Doge is struggling to get over the 786. Litecoin in a strength perspective is actually stronger than Doge in this move as it is already above the 786 and holding. Doge may follow and get above the 786 as well. Id like to see Doge get back into the 17s again to be bullish otherwise its broken the wedge and the now the wedge is resistance.
RSI on the daily is staying in the overbought zone bouncing off the neutral zone support.
The stochastic momentum is moving straight up as well on the daily. Today Doge could make a move back over the resistance and into the wedge again then over the 786 and find support above $.172. If this does not happen Doge gets rejected again and indicators reverse then Doge is bearish and a correction is coming at least down to the .618 at $.146
RSI on the daily is staying in the overbought zone bouncing off the neutral zone support.
The stochastic momentum is moving straight up as well on the daily. Today Doge could make a move back over the resistance and into the wedge again then over the 786 and find support above $.172. If this does not happen Doge gets rejected again and indicators reverse then Doge is bearish and a correction is coming at least down to the .618 at $.146
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I still think this correction plays out. I highlight in the chart where we are in the cycle of Doge. I think a quick sqipe down to $.073 cents is coming in the short term before Doge goes straight up.
I want to state for the record that I thought originally Doge wouldnt have a super high top this bull run but if past predicts the future performance in any way then Doge has the Possibility to hit 4 dollars. Albeat briefly before a sharp reversal it still may get to $3.75 to $4.00 this cycle. Also anyone who supports Doge needs to support Litecoin because without Litecoin intervening when Doge ran out of blocks to mine and miners were about to leave Doge wouldnt be here today. Show some love for the Litecoin miners as they are the ones who held up the Dogecoin blockchain all these years.
Here is a full explanation of how this came about.
Dogecoin’s halving schedule (and subsequent rate of issuance) before 2015, in stark contrast to that of its progenitors, was akin to a 100-meter dash. Blocks were generating every minute and rewards were getting halved every 69 days, resulting in block subsidies that rapidly depleted the network’s fixed supply of 100 billion DOGE.
“Because of that, the network security of Dogecoin went down really quickly,” Lee said.
Without a subsidy, and with transaction fees too low to incentivize miners to stick around and secure the chain, the lighthearted dog-themed project would face a high probability of attack and subsequent implosion.
“Dogecoin was built to die quickly – none of us expected it to grow into the absurd entity it is today,” wrote Josh Mohland on the popular community site Reddit, in 2014. Mohland created the now defunct DOGE tipping service, Dogetipbot.
The situation became so dire that by 2014, Dogecoin had to hard fork – make a permanent change to its blockchain – to allow “merged mining” or auxiliary proof-of-work (AuxPoW) with Litecoin. It was essentially a method for miners to provide security to both blockchains simultaneously.
“There's absolutely an easy way to save the coin from its certain death (and by death, I mean 51% attacked for the lulz),” Mohland continued. “And that's AuxPoW."
Merged mining is when miners simultaneously secure two or more networks, receiving rewards from both without a deterioration in performance. The reason it’s called auxiliary proof-of-work is because the process involves a less secure auxiliary blockchain borrowing security from a parent network with stronger security. In this scenario, Lee suggested that Litecoin could provide much-needed security to the embattled Dogecoin network.
Like, and follow me and this idea for continuous updates throughout the bull run.
I want to state for the record that I thought originally Doge wouldnt have a super high top this bull run but if past predicts the future performance in any way then Doge has the Possibility to hit 4 dollars. Albeat briefly before a sharp reversal it still may get to $3.75 to $4.00 this cycle. Also anyone who supports Doge needs to support Litecoin because without Litecoin intervening when Doge ran out of blocks to mine and miners were about to leave Doge wouldnt be here today. Show some love for the Litecoin miners as they are the ones who held up the Dogecoin blockchain all these years.
Here is a full explanation of how this came about.
Dogecoin’s halving schedule (and subsequent rate of issuance) before 2015, in stark contrast to that of its progenitors, was akin to a 100-meter dash. Blocks were generating every minute and rewards were getting halved every 69 days, resulting in block subsidies that rapidly depleted the network’s fixed supply of 100 billion DOGE.
“Because of that, the network security of Dogecoin went down really quickly,” Lee said.
Without a subsidy, and with transaction fees too low to incentivize miners to stick around and secure the chain, the lighthearted dog-themed project would face a high probability of attack and subsequent implosion.
“Dogecoin was built to die quickly – none of us expected it to grow into the absurd entity it is today,” wrote Josh Mohland on the popular community site Reddit, in 2014. Mohland created the now defunct DOGE tipping service, Dogetipbot.
The situation became so dire that by 2014, Dogecoin had to hard fork – make a permanent change to its blockchain – to allow “merged mining” or auxiliary proof-of-work (AuxPoW) with Litecoin. It was essentially a method for miners to provide security to both blockchains simultaneously.
“There's absolutely an easy way to save the coin from its certain death (and by death, I mean 51% attacked for the lulz),” Mohland continued. “And that's AuxPoW."
Merged mining is when miners simultaneously secure two or more networks, receiving rewards from both without a deterioration in performance. The reason it’s called auxiliary proof-of-work is because the process involves a less secure auxiliary blockchain borrowing security from a parent network with stronger security. In this scenario, Lee suggested that Litecoin could provide much-needed security to the embattled Dogecoin network.
Like, and follow me and this idea for continuous updates throughout the bull run.
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Good morning. So crypto market is pumping this morning. Litecoin is running but Doge is still stuck around the .786 I would really like to see Doge close above $.20 this week as well as Litecoin above $115. Otherwise a correction may still be on the table.
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This is quick update on Doge. Doge I think will play out a move similar to Litecoin. Maybe not as volatile since its market cap is much larger but probably a dip down to 15 cents and then a move up similar to what Litecoin just did. If this does not happen and Doge stays below the 786 and drops below 14 cents at any time then Doge is going to have a larger pullback down to 382 around 10 cents kind of what Litecoin did. Doge may be lagging the Litecoin moves this run, these two move very similarly. This chart is what I think will happen. Invalidation as I said is a closure below the 786.
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The correction is coming. I still feel like the whole market is about to see a correction especially the ALTS.
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DOGE is still going to come down. Im afraid that because DOGE is lagging behind the others in its correction that DOGE may come down really fast to catch up. Lots of bearish divergence on many indicators on 12hour and higher time frames. My targets remain the same.
Also on a side note, Im not a perma bear or have any bias towards DOGE. I am simply trying to keep people informed of daily moves to the best of my ability. Its important especially for new people just getting into crypto or investing all together. These big percentage down moves happen a lot and many people think its over, and sell the bottom and lose money then re-buy at a higher price cause price rebounded right back up to where it was within a day. I am extremely bullish on the entire crypto market including DOGE. I would take advantage of these dips as buying opportunities for dollar cost averaging because the long term macro chart without showing all these intraday swings, you can see below is still the same. STRAIGHT UP.
LIKE AND FOLLOW THIS POST AND ME FOR CONSTANT UPDATES THROUGHOUT THIS CYCLE.
NONE OF THIS IS FINANCIAL ADVICE ITS JUST MY OPINION AND WHAT I WOULD DO.
Also on a side note, Im not a perma bear or have any bias towards DOGE. I am simply trying to keep people informed of daily moves to the best of my ability. Its important especially for new people just getting into crypto or investing all together. These big percentage down moves happen a lot and many people think its over, and sell the bottom and lose money then re-buy at a higher price cause price rebounded right back up to where it was within a day. I am extremely bullish on the entire crypto market including DOGE. I would take advantage of these dips as buying opportunities for dollar cost averaging because the long term macro chart without showing all these intraday swings, you can see below is still the same. STRAIGHT UP.
LIKE AND FOLLOW THIS POST AND ME FOR CONSTANT UPDATES THROUGHOUT THIS CYCLE.
NONE OF THIS IS FINANCIAL ADVICE ITS JUST MY OPINION AND WHAT I WOULD DO.
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Good morning my friends. DOGE is still on its way to my target. Its not the end of the world and in my opinion a great opportunity to add more. Not finaincial advice.
Target is right around the trendline and also support channel at .09-.088 cents before a V shaped reversal to the upside. Lots of buy orders down there so it would be a sharp reversal perhaps.
If DOGE fails to hold the yellow trendline on at least a daily candle below then the next stop is the lower white trendline at .06ish. I will revisit if that happens but for now I dont see that happening. I believe this week the correction is over and Bitcoin closes the week above 70k again, by Friday and everything else resumes its parabolic rallies as well.
Daily RSI is still bearish pointed straight down and getting rejected off the median. Still a little ways to go before this is over folks. Patience is key in this market or you'll most certainly get chopped up. Not financial advice in any way.
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Target is right around the trendline and also support channel at .09-.088 cents before a V shaped reversal to the upside. Lots of buy orders down there so it would be a sharp reversal perhaps.
If DOGE fails to hold the yellow trendline on at least a daily candle below then the next stop is the lower white trendline at .06ish. I will revisit if that happens but for now I dont see that happening. I believe this week the correction is over and Bitcoin closes the week above 70k again, by Friday and everything else resumes its parabolic rallies as well.
Daily RSI is still bearish pointed straight down and getting rejected off the median. Still a little ways to go before this is over folks. Patience is key in this market or you'll most certainly get chopped up. Not financial advice in any way.
LIKE, AND FOLLOW ME AND THIS IDEA FOR CONSTANT UPDATES THROUGHOUT THIS CYCLE. THANK YOU AND GOOD LUCK MY FRIENDS
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DOGE is looking strong. I was expecting a little bit more of a pullback but the market is bullish. Its sitting on some good support here and I think once it gets over 18.5 cents again the next stop is 36 cents. Ideally i would like it to get back above the previous local high around 21 cents but 18.5 would look sexy.
Indicators are looking good. Above all moving averages, golden and silver crosses, I mean its hard to be bearish at all here. This just might be the parabolic phase. Youll wake up and DOGE is up 100% overnight kind of candles.
Good luck out there, this is not financial advice.
Indicators are looking good. Above all moving averages, golden and silver crosses, I mean its hard to be bearish at all here. This just might be the parabolic phase. Youll wake up and DOGE is up 100% overnight kind of candles.
Good luck out there, this is not financial advice.
