The chart provided represents a 4-hour Dogecoin (DOGE) to USDT analysis, indicating a potential price correction in the short term. The price is currently trading around $0.1369, and there are two significant support zones marked, which hint at a potential downward movement before a recovery.
Price Correction Levels: 11.61% correction: The chart indicates a first major correction level around $0.13208, representing an approximate 11.61% decline from the recent highs. A buying zone is suggested here, with a recommendation to place a 50% buy order around this level.
17.77% correction: If the price continues to fall, a stronger correction down to $0.12299 is expected, representing a 17.77% decline from the highs. Another 50% buy order is suggested around this price level, making it a key support zone to watch.
Scenario & Price Recovery: The chart illustrates a potential recovery from these correction levels. If the price stabilizes after the correction, the chart shows two possible upward price projections. The first path suggests a gradual upward move back to previous highs, possibly breaking out past the $0.145 mark and heading towards the $0.15-$0.158 range. A more bullish scenario predicts a sharper recovery that could push Dogecoin prices beyond $0.158, assuming the support levels hold and buyers accumulate at these correction zones. This analysis suggests a cautious approach, with staggered buy orders placed at key support levels during a correction phase to capitalize on potential upward momentum afterward.
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.