Dogecoin to overtake Shiba Inu with 60% breakout
The price action of the cryptocurrency Dogecoin (DOGE) has certainly been a disappointment for Dogearmy. Dogecoin lost almost 34% of its value in November, which should change very soon.
- Dogecoin price is developing a trio of bullish entry conditions.
- Short sellers fail to capitalize on the triggering of a capitulation move.
- Downside risks, although limited, persist.
Dogecoin price action traps sellers short, creating a huge short-term contraction opportunity
The price of the cryptocurrency Dogecoin (DOGE) has a great buying opportunity on its digit chart and reversal point of 0.001 / 3 boxes. The theoretical long setup is a buy stop order at $ 0.218 USD, with a stop loss at $ 0.214 USD and a profit target of $ 0.351 USD. The entry, if confirmed, meets three conditions simultaneously:
Despite Dogecoin’s bullish positioning, there is a possibility of a powerful short setup that would invalidate the previous theoretical long entry. Dogecoin price has a triple split bottom pattern on its chart. The hypothetical short entry is a sell stop order at $ 0.212 USD, a stop loss at $ 0.217 USD, and a profit target at $ 0.153 USD. The profit target is derived from the horizontal profit target method in point and number analysis.
However, the probability of the profit target in the hypothetical short sale idea is low. The bears have had a myriad of opportunities to generate substantial Dogecoin sales over the past sixty days, but they either couldn’t or didn’t. Furthermore, downside risks are likely to be limited to previous support lows near $ 0.185 USD.
Pair Jonathan Morgan, FXStreet
Jonathan has worked as an independent futures, forex and cryptocurrency trader and analyst for 8 years. He has also been writing for 5 years. He is one of Quora.com’s “most viewed writers” in the trading and technical analysis categories.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.
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