DOGE has seem to made a reversal and a correction of nearly 42% in less then 2 days!! As you can see it can take months to create a bull trend and just a couple of days to wipe out previous gains.
The rising wedge has played out just on Elon Musk's appearance on SNL-» pumps like this don't work since everyone knows what is going to happen. The pump happened before that because traders & investors were thinking to make quick money, thus buying DOGE but were trapped around the top. This creates then a panic sell off after traders who bought in before sold and made profits.
This seems to go towards the other side but still not yet confirmed:
- The 20 & 50 EMAs still need to catch up and it's to be seen if the price can break above them so we might have some bullish price action. That would then create newer highs! - However if not then we might see a bearish flag in the making -» price action should then remain bearish and fails to break the EMAs.
Still to be seen and we still have the 42 cent support zone, that's a 19% drop thus almost a 61% correction from it's AHT. Can everyone hold their emotions if this happens? Otherwise the next support zone is another 41% away.
Nice insights, I think we possibly .40-.41 with strong buy support after these emotions subside a bit. This looks similar to the April panic sell off.
itsnoelv
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@DavidCharlie, Thank you and yes that's possible!
It depends now if price can really hold and show bullish signs, on the other side a "dead cat bounce" could be expected.