DOGE is showing a lot more support when correcting from spikes than the typical pump and dump coin. It seems to find a higher new floor after every spike. The MFI has just flashed green on the hourly chart for only the second time since this rally began. To be fair, it is too difficult to be certain relying on TA alone to determine what the future holds. if the trend breaks bellow the 180 SMA on the hourly, the MFI will flash green a lot more on an extended downtrend. It's mostly about psychology at this point. It feels to me like this hype train is just getting started. The DOGE network is being bolstered up as we speak. Scalability will not be a problem moving forward. Look for the blue 9 SMA to move above the red trend line on the Bollinger Bands to increase the possibility of another spike and possible another ATH. Now that BTC has found another ATH recently, DOGE's turn could be next.
Will it pump mate? Or should i get out of the trade?
perrynoid
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@amankumarrajCrypto22,It has a history of surprising just about everyone. I'm sure there will be more spikes You should do what you feel comfortable with. Personally, I don't invest money I'm not willing to lose. I'm holding for now with a day trade that should have closed but RH was too slow on and failed to execute my limit order in the short time it hit my target. So I decided to consider it a swing trade. I still have a short term goal of 11 cents and a long of 1 dollar. Looks like strong support here and a turn around back up in trend. In the daily chart, a series of Dragonfly doji candles is forming. I was lucky and took profit early on. I decided to keep some interest in day and swing trading it with some long term dollar cost averaging to grow a long position. What is your strategy?
whitejade
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Great post!
fxnewbie12
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I have lost money 💰 already,when is the best time to buy position
perrynoid
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@fxnewbie12, Unless you panic sold, you haven't lost anything yet. I'm down right now also but, I see something repeating in the charts. I'm going to hold on for now. Everyone's situation is different. I can afford to be down because, I do not invest money I cannot afford to lose. You must do what you feel is right given your situation. As for my plan: First, I'm watching to see if we stay above the 180hr SMA. Then I'm waiting to see if the 9hr SMA crosses above the red trend line of the Bollinger Bands with price action of some bullish engulfing candles above all that. Last time that happened, we saw a spike of over 75% my current target is 11 cents. On the other hand, if the trend looks like it may continue to down and stay bellow the 180hr SMA, I may jump out for a while and look for another opportunity to get back in later.
razered677
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I wonder how much time does it take to reach 1$
perrynoid
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@razered677, I think it could be within 2 years, provided there is a continued healthy pace of adoption and increased notoriety. There are still so many sceptics that try to drown us in negatively biased, outdated and non-sequitur fundamental analysis scaring many potential investors away. they too will begin to see the light and hop on this train as time goes by and they get infected with the FOMO. Many more others are still siting this out on the sidelines because of this propaganda, afraid to jump in. As the negativity dissipates, they will jump on also. The more people that have a vested interest in a strong price the more support there will be moving forward.