Analysis of Dogecoin (DOGE/USDT) on the 4H Chart
2024-12-09


Hi, traders! Let’s take a look at the 4-hour chart for DOGE/USDT, where things are getting interesting. 🐕‍🦺

 🔍 Current Market Situation: 

	•	Trend: Uptrend 📈. The price is holding within the green channel, indicating continued bullish momentum.
	•	Key Levels:
	•	Strong Resistance: $0.48 – a level where the price previously struggled to break through.
	•	Support: $0.44 – a level that is currently holding the price steady.

 📊 Indicator Signals: 

	•	Signal Indicator shows buy points (Buy), confirming bullish momentum.
	•	RSI is in the overbought zone, suggesting a possible correction before further upward movement.
	•	Volumes are decreasing, which may indicate a slowing of the rally near the resistance zone.

 📈 Price Movement Forecast: 

	•	Probability of Growth: 60%. If the price consolidates above $0.48, it could open the way to $0.50.
	•	Probability of Decline: 40%. A retest of the $0.44 support level is possible to gather liquidity.
 
✅ Recommendations: 

	•	What I’m Doing: Waiting for confirmation of a breakout above the $0.48 zone to open long positions. If the price drops to $0.44, I’ll consider buying on a bounce.
	•	Caution: Be aware of potential market slowdown due to declining volumes and RSI being overbought.

 🚀 Enjoyed the analysis? Support this post with a rocket and follow me for more updates!
 
❓ Many of you ask which indicator I use. It’s the Midas Multi Indicator – you can get it for free by following the link in my profile bio. 😉