$DOGE at CRITICAL SUPPORT, 200 MA next to be tested?
2025-02-07
Category: None

Beware of  CRYPTOCAP:DOGE  too, not only D.O.G.E. Elon Musk might be trying to send us some hidden message here, or not. Anyway, let's have a look at the Daily.

The rectangle formed between late November and Christmas reached its bearish target, which represented a 32% decline (breakdown point was roughly 36c), and now that target level, $0.25, has been acting as the main support.

And it's mostly a psychological (a quarter-dollar coin, basically) support rather than technical, as there isn’t a whole lot of previous trading history in this range due to the very rapid appreciation in price in November.

25 cents must be held as support, or the very next station is the critical test of the 200 MA (always a fat green line on my charts), and that test would tell us a probable direction for the next weeks or even months.

Also, losing 25c and then closing below the 200 MA would absolutely annihilate the whole sector of memecoins.

I also have a strong feeling that Musk has been dumping a lot of his stash, and he still owns a lot more. No proof, but the whole $TRUMP scam could have easily been an idea that originated in Elon's mind. Anyway, beware of DOGE. RSI confirms bearish momentum, but not even oversold.

The DXY pumped again, by the way. Up and down, between support and resistances. Constant shakeouts for 6-7 weeks now. When does it end? I will close 50% of my 31.4c long position at a loss once DOGE closes below 25c, and the remaining 50% below the 200MA. No matter how oversold.

Capital protection is a priority for me, always.
👽💙


PS. I publish my stuff regularly on Binance SQUARE, more images are allowed there, and no cap on a number of posts/updates, unlike here. With this post, I have included also the DXY and Elon's tweet that I mention. 

BINANCE post LINK:

tinyurl.com