Dogecoin(DOGE): Potential Rejection To Happen!

Dogecoin has caught our attention with its price sliding near the upper resistance zone, looking for a potential breakout or rejection.

We also see a good amount of pressure from the middle line of Bollinger Bands, but we are not seeing a breakout happen. We want to see a good amount of weakness and then a potential movement to 100 and 200 EMA.

Swallow Team

Comment:

Dogecoin has made a very sharp movement outside the resistance zone, breaking it fully as of now.

While this was a pretty sharp breakout, we might witness a fakeout as well, as this breakout has not yet been fully secured. We are keeping an eye on it, and maybe we will see the red line to be broken (which would mean we will be short most likely)

Comment:

Dogecoin has had some good rallies outside the resistance zone, where now we are seeing some first signs of weakness.

Although we do see a weakness, it is too early to get into the trade, yet we are looking for a re-test to happen (to that same broken zone), which will determine the next major movement.

If we breakdown, we will see nice movement to the lower zone; if not, then another bullish movement to make higher high zones.

Also, keep an eye on RSI!!