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Important Levels for #DOGE Analysis Update & Price Prediction $DOGE / #dogecoin

Important Levels for #DOGE ? Analysis Update & Price Prediction $DOGE / #dogecoin

Hey everyone, welcome back to Crypto Cach! Thanks so much for joining me here. I hope you're having a phenomenal day. Let's take a quick look at Dogecoin and recheck some important factors. We can see that we are starting our retracement here. Obviously, it's happening with a lot of coins, but there's a general consensus that we might be beginning an ABC pattern here and that we might see some lower lows, potentially down to 13 cents or even below that point. Bitcoin is at 66,000 right now and dropping, which is affecting a lot of coins.

If we take a look at our premium group, the Near protocol is down 30%, congrats to our community members for that. We also took some nice profits with our day trades. But let's focus on some back-end data for Dogecoin and see what's going on.

Dogecoin Analysis

For Dogecoin, it's important to recognize the previous moving averages. There were some key areas we focused on before, and it looks like we have a lot of liquidation above the price action. Still, that 12.5 cents mark is very close to some of those moving averages and could hold some support. It's all hypothetical until we look at the charts, but the 12.5 cents level is an area we need to pay attention to, just below the most recent low.

When we look at the charts, we see that 12.5 cents is right at the 382 FIB level, a recent point of control. That's an important level to focus on. Bouncing at 12.5 would be an excellent point; the price action could come down to this level, bounce off it, and either continue lower or see a slight relief rally and recover.

While there are various scenarios, the focus should be on understanding that 12.5 cents may likely get retested. We should consider buying that dip after analyzing other factors first. It's not about taking a high leverage 100x long position at 12.5; that's considered reckless in trading.

Market Sentiment and Indicators

Second Stochastic swing to the downside starting with some bearish divergence indicates strong momentum. Money is flowing out of the coin, and RSI is still over 50, which is bullish. We're just above key moving averages like the 50-day SMA but also under the 200-day SMA. How today's candlestick closes will be crucial. Being over the 50-day SMA is good, but being under the 200-day SMA is bad. We're kind of in a neutral position right now.

Until we break above a descending trendline, we're not in a good position to consider a bullish outlook. On the 4-hour chart, we're below 50 on the RSI, generally a bearish sign, although the stochastic RSI suggests we might see a bounce soon. Still, below 50 on the RSI indicates we might continue lower.

Historical Analysis

Historically, dropping below 50 on the RSI has shown a bearish trend. If we regain 50, that will indicate a bullish trend. We're currently below, so that suggests a bearish outlook in the short term. But there's still support from longer-term moving averages.

Specific Time Frames

On the hourly time frame, the Ichimoku cloud indicators show we're below the cloud, suggesting bearish momentum. If the price action recovers, it will likely face resistance around 13.75 cents. An ABC pattern might look like a dead cat bounce, with the price pulling back right after.

Final Thoughts

Personally, I think 12.5 cents will be tested, and it's a solid consideration for entry considering the volume and previous support levels. But don't blindly set a limit order for a high leverage long position; that's risky trading. Trading should be taken seriously, with informed decisions increasing your statistical likelihood of success.

For those interested in a more structured approach, we have Trading Academy, Community, and Signals Group. Links are provided below the video. To our new members in Discord, reference our Signals Guide for trades and alerts.

Thanks again for joining me, and I hope you have a great rest of the day!

Keywords

  • Dogecoin
  • ABC pattern
  • Support levels
  • RSI
  • Moving averages
  • Stochastic RSI
  • Bearish divergence
  • Ichimoku cloud
  • Price action
  • Trading Academy
  • Premium group
  • Market sentiment
  • Bitcoin

FAQ

What levels are significant for Dogecoin right now?

  • Key levels to watch are around 12.5 cents, which aligns with the 382 FIB level and has shown significant support in recent history.

What do the current technical indicators suggest?

  • Current indicators show that we may be in a bearish trend short-term, although the RSI being above 50 on the daily chart holds some bullish sentiment.

What's the potential impact of Bitcoin's price on Dogecoin?

  • Bitcoin is currently at 66,000 and dropping, which is also affecting Dogecoin and other cryptocurrencies. If Bitcoin continues to drop, it's likely Dogecoin will follow suit.

Should I consider entering a long position at 12.5 cents?

  • While 12.5 cents is a solid support level, it’s essential to wait for confirmation before taking a position. High leverage trades are particularly risky.

What historical patterns should be considered?

  • Historically, falling below 50 on the RSI has resulted in bearish trends, while regaining this level has led to bullish trends.

Where can I get more structured trading guidance?

  • Consider joining our Trading Academy, Community, or Signals Group for structured and informed trading insights. Links are provided below the video.

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