This week, the users of Whitebit again voted for us to do a technical analysis of Dogecoin.
Well, so be it, today we will look at the local situation trade pair DOGEUSDT on the daily timeframe and how the situation has changed a week later.
But first, we recommend you to reread our global analysis of the DOGEUSD pair on the weekly timeframe to get a good grasp of our train of thought.
Let’s start, the price DOGE has been in the consolidation for three weeks, which is narrowing day by day. If the spring is squeezed hard, eventually it shoots out and in most cases strongly – with an impulse.
The delta of trades in these consolidation shows that there are 20% more purchases than sales, most likely the final long position is accumulated.
As we wrote in the previous article – safe long DOGEUSDT, after a confident price fixation above $0.085.
However, looking at the situation on the market, we can offer a more risky medium-term trade:
Entry at $0.078.
Take profit $0.1184
Profit/loss ratio 4.4/1