DOGE - Poised For a Potential Break to the Upside
So, the DogeDay420 hype didn't pan out and now DOGE is in it's "normal" trading channel (likely towards the lower end where it will find strong support in the $0.25-ish range). If you look back over the past several weeks, we've typically seen 2-5 days of consolidation followed by a run to the upside. After that run up, we see selling pressure and more consolidation at previous support for 3-5 days.
IF (I repeat...IF) the trend holds true (it has for all the month of April so far), then in the next 1-3 days, we should see another run to the upside. How high it runs is anyone's guess. There is still very strong resistance in the $0.40-$0.45 level (previous All Time Highs). It looks like we MIGHT be breaking to the upside right now. Granted, this is the 1-HOUR chart so it's definitely less definitive. But, the RSI is just now scraping off the bottom, the Moving Averages appear to have just crossed, and we've got early indications of a bullish reversal from the last closed hour.
Let me know your thoughts!
Thanks,
- Walt
IF (I repeat...IF) the trend holds true (it has for all the month of April so far), then in the next 1-3 days, we should see another run to the upside. How high it runs is anyone's guess. There is still very strong resistance in the $0.40-$0.45 level (previous All Time Highs). It looks like we MIGHT be breaking to the upside right now. Granted, this is the 1-HOUR chart so it's definitely less definitive. But, the RSI is just now scraping off the bottom, the Moving Averages appear to have just crossed, and we've got early indications of a bullish reversal from the last closed hour.
Let me know your thoughts!
Thanks,
- Walt
Comment:
Unfortunately, it looks like we were rejecting on our attempt to move past the $0.30 mark on the Hourly chart and are now seeing new sell pressure back to the downside. I would expect this to have solid support still at the $0.25 mark. If it break below $0.25, it could get ugly.