Okay so, everyone invested in DOGE should by now know that Elon Musk is hosting SNL this upcoming Saturday. Clearly the most famous backer of this coin being on the largest sketch comedy platform in existence is a strong case for bullish accumulation, and it has been reflected by a strong price increase over the past couple of days.
The question is, where does DOGE go from here? I've highlighted both bullish targets as well as a short-term bearish target where one could more safely buy into DOGE before it continues its moon mission.
The light blue line is the top of the daily bull flag that DOGE has already broken out of. It is possible that it retests that zone before moving into .5 and beyond.
The dotted blue line represents a weekly close which was strong resistance until last week. It is also possible that it goes as low as that area before exploding upward.
That move would also create a cup and handle on the daily, although one could argue that a small one already formed on the hourly and we are now above it.
As it now retests the highest previous daily close, and with the way that this market is trending, however...
the price will continue to just float up to the next roof at .70, like Charlie and Grandpa Joe after their illicit experimentation with Willy Wonka's fizzy lifting drinks.
Although with the way that DOGE has been performing this year, even that roof will soon give way as you continue to take that glass elevator up into the sky.
How about you? Are you still waiting to find an entry into DOGE, or have you been holding all this time? Do you think Elon will mention DOGE on Saturday? Will there be a sell-off after that, or will this just propel the price of DOGE ever upward to the $1.00 range and beyond? What are your profit-taking targets, or are you in it for the long haul?
The question is, where does DOGE go from here? I've highlighted both bullish targets as well as a short-term bearish target where one could more safely buy into DOGE before it continues its moon mission.
The light blue line is the top of the daily bull flag that DOGE has already broken out of. It is possible that it retests that zone before moving into .5 and beyond.
The dotted blue line represents a weekly close which was strong resistance until last week. It is also possible that it goes as low as that area before exploding upward.
That move would also create a cup and handle on the daily, although one could argue that a small one already formed on the hourly and we are now above it.
As it now retests the highest previous daily close, and with the way that this market is trending, however...
the price will continue to just float up to the next roof at .70, like Charlie and Grandpa Joe after their illicit experimentation with Willy Wonka's fizzy lifting drinks.
Although with the way that DOGE has been performing this year, even that roof will soon give way as you continue to take that glass elevator up into the sky.
How about you? Are you still waiting to find an entry into DOGE, or have you been holding all this time? Do you think Elon will mention DOGE on Saturday? Will there be a sell-off after that, or will this just propel the price of DOGE ever upward to the $1.00 range and beyond? What are your profit-taking targets, or are you in it for the long haul?