DOGE looks like a buy for the first time in months as a multi-week resistance line has now been broken on the daily and weekly charts.
Bulls will need this week to confirm a full body candle close outside of the trendline as well as maintain above 0.2346.
As of this moment DOGE is a low risk long but if price breaks below 0.2346, I would go ahead and exit the position and look for re-entry along the downward sloping line that should serve as a support area now. However, a break back into the downward sloping green trendline (on the weekly) would be bearish and one should refrain from seeking any longs if this were to happen.
Bulls will need this week to confirm a full body candle close outside of the trendline as well as maintain above 0.2346.
As of this moment DOGE is a low risk long but if price breaks below 0.2346, I would go ahead and exit the position and look for re-entry along the downward sloping line that should serve as a support area now. However, a break back into the downward sloping green trendline (on the weekly) would be bearish and one should refrain from seeking any longs if this were to happen.
This will be the line in the sand in the fact that if this level breaks, much lower prices would likely be tested which also means we more than likely break bearish back inside of the green supply line and retest the lows between 0.16 - 0.18 approximately.
On the bullish side of things, the 0.20708 price could very well be the entry we were looking for on this as the price saw a nice bounce from there and could be giving us another possible entry should the price A) pull back once more and form a higher low or double bottom or B) we continue the current bullish momentum and break back above our yellow line of support at .2346 which was our original level of interest for a safe entry.
Keep an eye on the candle close today but as of this moment, barring a major dump in the next 13 hours, DOGECOIN looks ready to start doing bullish things in the coming days and weeks ahead.