A few things to think about:
Why is DOGE up?
DOGE pumped because Elon was pumping it. Along with may other pump and dumpers.
Now Elon the day after he pumped DOGE more(today), he released that with tesla he put $1.5b to bitcoin.
So is that reason still valid?
No. Elon pumped DOGE most likely to to get into bitcoin. So by pumping doge he drew money and attention away from bitcoin to get in at a good price.
So now that the reason is not really valid the only thing DOGE has going for it is the meme. That is not any different than it was before, therefore, it will most likely go back to the historical prices.
How does doge chart look?
Right now it looks like it is in a rising wedge which is a bearish structure.
And, if you look at the weekly timeframe you can see doge every few months the price pumps then dumbs to the $0.00XX area.
Yes, the price could go higher breaking ATH but it is unlikely because it look bear in the RSI too.
Overall:
I would not trade this it is very emotional. Even though I think it will come down shorting can be dangerous.
Why is DOGE up?
DOGE pumped because Elon was pumping it. Along with may other pump and dumpers.
Now Elon the day after he pumped DOGE more(today), he released that with tesla he put $1.5b to bitcoin.
So is that reason still valid?
No. Elon pumped DOGE most likely to to get into bitcoin. So by pumping doge he drew money and attention away from bitcoin to get in at a good price.
So now that the reason is not really valid the only thing DOGE has going for it is the meme. That is not any different than it was before, therefore, it will most likely go back to the historical prices.
How does doge chart look?
Right now it looks like it is in a rising wedge which is a bearish structure.
And, if you look at the weekly timeframe you can see doge every few months the price pumps then dumbs to the $0.00XX area.
Yes, the price could go higher breaking ATH but it is unlikely because it look bear in the RSI too.
Overall:
I would not trade this it is very emotional. Even though I think it will come down shorting can be dangerous.
Comment:
rip doge