Dogecoin: Doubt Or No Doubt, Let's Zoom Out
2024-12-02

Here we have DOGEUSDT (Dogecoin) on the monthly timeframe. Let's start by comparing it with XRP.

XRP produced a strong bullish breakout in November, being the first bullish breakout month out of a bearish phase. The monthly close happened above resistance with strong bullish momentum.

DOGE produced three months green with November being the latest one. Last month close below resistance, notice the green line on the chart, and this months starts green but with a lower high. The charts are different.

If we look at the weekly timeframe, we can see some signs of exhaustion.


I mention and compare DOGE to XRP because XRP is super bullish right now after a strong bullish breakout, while DOGE is also bullish the charts are not the same and here there is some weakness based on TA.

Now, we expect growth on all terms. But a bull-market can go for years so there can be consolidation, retraces and swings at any major resistance point. Notice that the stop happened exactly the at the Fibonacci golden ratio, 0.474523 (0.618). The 0.5 level at 0.3933 would be the main immediate support.

Let's say that DOGEUSDT would be ultra-bullish and pointing toward additional growth if it can move above 0.474523. But if it remains below... We have to wait and see.

Long-term we can expect much more, additional growth. Short-term...

Thanks a lot for your continued support.

Namaste.