We just witnessed a fast drop after a failed attempt to pass the 0.7 usd level.
Nevertheless we have reached this level already, so this temporary correction is healthy and may have caused a right shoulder of a wider inverted Head & Shoulders.
In the right shoulder, we can see an inverted H&S forming as well.
Last correction happened on the support of 0.6 usd, which is exactly the neckline of the larger inv. H&S.
All these indicators show that a jump to 0.9 - 1.0 usd is imminent.
Only if we would not get back to previous levels again, and break the 0.6 usd support to the downside, we could have a larger correction to the 0.5 usd level, but this is in my opinion on a short term less probable.
Remember most posts I saw on TV at the 0.6 usd level, claimed to have a break and correction to the 0.4-0.45 usd level, but were all invalidated due to Doge's bullishness.
Above Doge has increased in value with a lower average trading volume, which means the bulls have the upper-hand.
Personally I like to invest more in fundamental coins and tokens, but in this case I had to go with the flow after the first large correction and consolidation of Doge and I saw the 0.08 level the best entry, as posted in previous charts.
Technicals of Dogecoin are stilll ok. If an insane bullish momentum would happen on very short time, it might be smart to take gradually some profits and swap for underrated top coins, certainly if you have entered the market soon enough.
If you are a long term investor, I cannot predict the future, so keep and believe I would say.
In the meantime, I see no real threat at the moment.
Elon might be really the doge-father after all..
Countdown to SNL live, on NBC, May 8, 11:30 pm ET.
Nevertheless we have reached this level already, so this temporary correction is healthy and may have caused a right shoulder of a wider inverted Head & Shoulders.
In the right shoulder, we can see an inverted H&S forming as well.
Last correction happened on the support of 0.6 usd, which is exactly the neckline of the larger inv. H&S.
All these indicators show that a jump to 0.9 - 1.0 usd is imminent.
Only if we would not get back to previous levels again, and break the 0.6 usd support to the downside, we could have a larger correction to the 0.5 usd level, but this is in my opinion on a short term less probable.
Remember most posts I saw on TV at the 0.6 usd level, claimed to have a break and correction to the 0.4-0.45 usd level, but were all invalidated due to Doge's bullishness.
Above Doge has increased in value with a lower average trading volume, which means the bulls have the upper-hand.
Personally I like to invest more in fundamental coins and tokens, but in this case I had to go with the flow after the first large correction and consolidation of Doge and I saw the 0.08 level the best entry, as posted in previous charts.
Technicals of Dogecoin are stilll ok. If an insane bullish momentum would happen on very short time, it might be smart to take gradually some profits and swap for underrated top coins, certainly if you have entered the market soon enough.
If you are a long term investor, I cannot predict the future, so keep and believe I would say.
In the meantime, I see no real threat at the moment.
Elon might be really the doge-father after all..
Countdown to SNL live, on NBC, May 8, 11:30 pm ET.
Comment:
yeah, apologies, that didnt work out... yet