DOGE is currently at an entry point and will work slowly to 1.00 USD on or around May 18, 2021.
I've been working this chart for a couple of months now adding various intermediate activity lines. I don't particularly like "trend lines" that depend on touches at highs or lows when looking at crypto. It's too volatile and the number of highs and lows are just too minimal to be trusted. Instead, I look for the bloody battlegrounds between the bears and bulls and look for the lines they fight over. When viewing in LOG scale, lines with 10 or 20 confirmations are found after some trial and error.
The initial activity line begins at a low found at 9.18.2014 (dark blue) and crosses through multiple low areas of support and resistance. An upper channel line is drawn parallel (dashed dark blue), again seeking multiple areas of support and resistance through the highs.
Accelerated activity lines deviate from the initial activity line at 11.14.20 (violet dashed) with both upper and lower intersecting at the lower initial activity on the dated given. Both lines are significant. Another pair of accelerated activity lines deviate from the lower 11.14 line on 4.1.21 (light blue dashed) with multiple confirmations of support and resistance and are significant.
An All Time High formed on 5.4.2021 at the intersection of the upper 4.1 line (light blue) and the upper 11.14 line (violet) and then was turned back briefly. Prices pushed even higher above the previous ATH but was not supported by the ATH. The MACD crossed below the signal line just after this point with the RSI dropping below 50. Both plotted on the 4 hour chart signaling the downturn well before Elon Musk took the SNL stage.
A deceleration line deviating below the lower 4.1 line on 4.22.2021 connects (4) lows into the current trading area. That is not a real solid confirmation. However, the 4.16.2021 ATH likely provided support at the low on 5.9.2021 and intersects the 4.22 line at that point.
I expect that DOGE will return to the 5.4 ATH and be resisted at that point. The price will be bound on the low side by the 4.22 deceleration line. An ascending triangle will form between these lines until breaking above the 5.4 ATH line with support on 5.16.2021. From that point or just before prices will accelerate toward 1.00 USD until 5.18.2021. Heavy profit taking at that point will chase the price down heavily.
I've been working this chart for a couple of months now adding various intermediate activity lines. I don't particularly like "trend lines" that depend on touches at highs or lows when looking at crypto. It's too volatile and the number of highs and lows are just too minimal to be trusted. Instead, I look for the bloody battlegrounds between the bears and bulls and look for the lines they fight over. When viewing in LOG scale, lines with 10 or 20 confirmations are found after some trial and error.
The initial activity line begins at a low found at 9.18.2014 (dark blue) and crosses through multiple low areas of support and resistance. An upper channel line is drawn parallel (dashed dark blue), again seeking multiple areas of support and resistance through the highs.
Accelerated activity lines deviate from the initial activity line at 11.14.20 (violet dashed) with both upper and lower intersecting at the lower initial activity on the dated given. Both lines are significant. Another pair of accelerated activity lines deviate from the lower 11.14 line on 4.1.21 (light blue dashed) with multiple confirmations of support and resistance and are significant.
An All Time High formed on 5.4.2021 at the intersection of the upper 4.1 line (light blue) and the upper 11.14 line (violet) and then was turned back briefly. Prices pushed even higher above the previous ATH but was not supported by the ATH. The MACD crossed below the signal line just after this point with the RSI dropping below 50. Both plotted on the 4 hour chart signaling the downturn well before Elon Musk took the SNL stage.
A deceleration line deviating below the lower 4.1 line on 4.22.2021 connects (4) lows into the current trading area. That is not a real solid confirmation. However, the 4.16.2021 ATH likely provided support at the low on 5.9.2021 and intersects the 4.22 line at that point.
I expect that DOGE will return to the 5.4 ATH and be resisted at that point. The price will be bound on the low side by the 4.22 deceleration line. An ascending triangle will form between these lines until breaking above the 5.4 ATH line with support on 5.16.2021. From that point or just before prices will accelerate toward 1.00 USD until 5.18.2021. Heavy profit taking at that point will chase the price down heavily.
Comment:
4.22.2021 deceleration line not proving to be reliable. Didn't have a much support or resistance history anyway, just some touches. The 4.16.2021 ATH (0.44813) is proving very strong however. The RSI (4hr) leveled out. I think the triangle is still going to happen. The MACD shape is correct. I still believe support will form above the 4.22 line and then climb that line to the 5.4.2021 ATH. The RSI should jump back above 50 indicating a hold on that line.
Trade closed: stop reached:
Out at 13% down. Descending triangle formed and support at 4.16.2021 ATH is broken. Neglected to look at MACD close enough to notice the divergence pattern between 5.4.2021 and 5.8.2021. Should have read that as full reversal and not gone in with the belief that correction was temporary.