Let's see how DOGE is behaving.
This is a 1H chart. (Short Term)
Elon Musk has bought Twitter for $44 Billion, and as soon as the news came out, Dogecoin pumped to the first resistance level.
After touching the resistance level, it got rejected back to the support level, and the support level couldn't hold the price, so as you can see on the chart right now, it's below our support level.
More news about Twitter can affect the market, so be careful with your positions.
Support levels: $0.1491
Resistance Area: $0.1669
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing BUY volumes for DOGE.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that DOGE is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $0.1483
Let me know your ideas.
Good luck.
This is a 1H chart. (Short Term)
Elon Musk has bought Twitter for $44 Billion, and as soon as the news came out, Dogecoin pumped to the first resistance level.
After touching the resistance level, it got rejected back to the support level, and the support level couldn't hold the price, so as you can see on the chart right now, it's below our support level.
More news about Twitter can affect the market, so be careful with your positions.
Support levels: $0.1491
Resistance Area: $0.1669
Bollinger Bands can work as support and resistance too. Here is an example:
The market is showing BUY volumes for DOGE.
Two resistance levels push down on value, and one support level holds the price high and shows strength. The higher band can work as resistance.
The Middle Bollinger Band can push down the value, and the Lower band pushes the price up.
If the price crosses the local resistance and stays above it for confirmation, we can open our long positions, aim for the next resistance, and use it as a TP point.
The RSI shows that DOGE is above the 50 levels, the center.
If you want to know how the RSI indicator works, take a look at this Educational Idea. It'll help you have better readings:
Current Market Price: $0.1483
Let me know your ideas.
Good luck.