DOGE Struggles To Sustain Upside Bias Beyond the $0.050 Confluence Zone

DOGE Struggles To Sustain Upside Bias Beyond the $0.050 Confluence Zone

DOGEUSD Price Analysis – February 24

The ‘Meme Coin’, Dogecoin (DOGE) price rebounded from the recent dip to $0.0408 in the prior day. Despite the recovery, DOGE is not out of the woods yet, especially with technical and on-chain barriers insight. At press time, DOGE is sitting at $0.0536 on the Binance exchange, the TradingView chart shows.

Key Levels
Resistance Levels: $0.0818, $0.0728, $0.0657
Support Levels: $0.0408, $0.0350, $0.0280
DOGEUSD Long term Trend: Ranging
Dogecoin is currently struggling to gather momentum in the $0.050 confluence region despite an uptick past the recent low around the $0.0408 level. A psychological level of support remains around $0.035 low level, but if that breaks with a daily candle close below, it will likely slump back to its previous low level of support around $0.028.

The DOGEUSD pair, however, can enjoy a period of bullish momentum, if it could target the $0.06 level of resistance before potentially looking towards $0.0728 and beyond. If DOGE suffers a breakdown in price below $0.50, it will likely suffer a worse fate as it would confirm a downtrend with lower highs and lower lows.
DOGEUSD Short term Trend: Ranging
The 4-hour chart shows DOGE trading within the confines of ascending trendline support. A recent bounce above the near-term horizontal barrier at $0.05 adds credence to the ranging outlook. However for the upside to gain traction, DOGEUSD bulls must hold above this critical level to avoid declines likely to push Dogecoin back to $0.04.

It’s important to note that a break under the ascending trendline support may renew the breakdown to $0.04. On the other hand, losses below the moving average 13 could trigger massive losses, perhaps strong enough to slice through the trendline’s lower edge and extend the bearish leg to $0.035.

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Have you invested in an extremely rare opportunity of a lifetime?

Have you invested in an extremely rare opportunity of a lifetime?

The Next “Buzz Word” Altcoins
Last month, the Bloomberg Galaxy Crypto Index was at 1414.37, following a low of 217.82 in early March. BTC had made a new high yesterday at $51,630.86. Today (February 17) and the index was at 2,295.61. That’s a huge gain for one month.

Let me put this into perspective. In late 2017, I said that cryptoassets were the biggest institution revolution since the Industrial Revolution and that they represented the investment of a lifetime. Institutions, however, were not ready or capable of participating in that revolution so they “pooh-poohed” it. The SEC decided that most altcoins were securities which precipitated a huge bear market. By the end of 2018, cryptos had undergone an 85% decline and BTC hit a low price of $3,236.76 on Dec 15, 2018. But then look what happened.
BTC was up 92.71% in 2019
It was up 305.94% in 2020
And it’s up 75.42% in less than 50 days of 2021….

What did I say in 2018? There was actually a period from October through November last year when I made over $3 million in 7 weeks. Cryptos are the investment of a lifetime.

While BTC could go up another 10 fold in the long run, I doubt that it will go much over $100,000 this year…. But the opportunity of a lifetime is not over because now the altcoins are starting to move. Here are a few examples, and this is just the movement in 2021.

BNB 289%
ETH 144%
LINK 178%
SNX 215%
AAVE 397%
CND 145%

And remember those gains are just from the 48 days of 2021….

You can purchase crypto coins here.  

Update on Cryptoassets
I think that there are a number of altcoins that could go up 10 times or more during the rest of 2021. Now we might have a decline of 40% or more during the year, but it probably will be short-lived with a very quick recovery…
BTC was up 92.7% in 2019, 305.94% in 2020, and in the first six weeks of 2021, it’s up 74.22%. Let’s contrast that with the other hedge against the USD and disaster, gold. Gold was up 20.94% in 2019, up 18.32% in 2020, and it’s down 5.1% so far in 2021. The path of safety is now BTC.

Gold has about 10 times more market cap than cryptos right now (even though cryptos are now over a trillion for the 1st time). If all of the money in gold went into BTC, BTC’s price would be about $370,000…

People talk about BTC being volatile and risky. But where can you find something that has made over 1,000% in 3 of the last 11 years, over 100% in 8 of them, and had only two losing years? There is only one other place than BTC with anywhere near equal performance – other cryptoassets.
If you had bought BTC at the beginning of 2012 (well, not at the very beginning), you would have turned $1,000 into more than $7.1 million (up $4.5M last month)…

Remember these are 30-day percent gains. This is probably the easiest market possible to make a lot of money. You could, however, just as easily enter a position and immediately have a 25% drawdown – which could cause you to exit and then miss out on some nice gains. If you don’t have strong beliefs about cryptos like I do, crypto volatility will test you…

This newsletter makes no recommendations about cryptos but is a free service… I personally own positions in most of the cryptos mentioned in this newsletter.

Author: Van K. Tharp, PhD

Note: This article was culled and abridged from a monthly cryptos update by Dr. Van Tharp. The full article can be accessed here.

You can purchase crypto coins here. 

 

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Dogecoin (Doge) Retraces to $0.047 Low, May Resume up Trending

Dogecoin (Doge) Retraces to $0.047 Low, May Resume up Trending

Key Resistance Levels: $0.09, $0.10, $0.11
Key Support Levels: $0.03, $0.02,$0.01

DOGE/USD Long-term Trend: Bearish
On February 7, Dogecoin rallied to a $0.09 high. The bulls could not continue with the upward move as they were repelled. The crypto is retracing and has fallen to level $0.047. There are bullish candlesticks as the coin attempts to move up. Nonetheless, if the current support holds, the altcoin will resume an upward move.

DOGE/USD -Daily Chart

Daily Chart Indicators Reading:
DOGE is at level 53 of the Relative Strength Index period 14. It indicates that the coin is in the uptrend zone and above the centerline 50. The crypto is capable of rising on the upside. The 50-day and 21-day SMAs are sloping upward indicating the previous trend.

DOGE/USD Medium-term bias: Bearish
On the 4 hour chart, the crypto is in a downward move. The coin fell after retesting level $0.09. On February 15, downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement indicates that DOGE will fall to level 1.272 and reverse. The coin will be reversing at the low of $0.036.

DOGE/USD – 4 Hour Chart

4-hour Chart Indicators Reading
DOGE has fallen below the 20% range of the daily stochastic. It indicates that the coin is trading in the oversold region of the market. Buyers are emerging to push the coin upward to the previous highs. The SMAs are sloping upward.


General Outlook for Dogecoin
The cryptocurrency has reached bearish exhaustion as the coin fell in the oversold region of the market. The Fibonacci tool has indicated a possible reversal at level $0.036. We expect the coin to move up.



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Dogecoin Price Analysis — February 1

Dogecoin Price Analysis — February 1

Dogecoin (DOGE/USD) saw an overnight rally of about 80%, indicating that Wall Street Bet’s crypto division still has plans for the cryptocurrency. Dogecoin came into the limelight following a 900% pump on January 28, which catapulted the meme cryptocurrency to rank as the tenth-largest cryptocurrency based on market capitalization for the first time since 2015.

As the massive rally began to lose momentum, many traders rapidly cleared their profits, as it looks like the investors are now looking for something else to invest in.

The spike was originally sparked when exchanges restricted traders from acquiring more AMC and GameStop stocks on January 28, prompting the Reddit investors to seek other investment alternatives like silver and some “cheap” cryptocurrencies.

On January 28, the Twitter user “WSB Chairman” tweeted to his 750k followers, saying “has Doge ever been to a dollar?” This question sparked a massive rally in DOGE, despite the crypto having no protocol upgrades since 2015.

Several social media influencers were very discontent with buying the top of the rally, indicating that the speculative frenzy has ended.

It is almost impossible to pinpoint the exact reason for the spikes, considering that there are several social networks, especially private Telegram groups and trading signal apps, actively participating in the price action.

That said, measuring social media activities could become the norm for speculation.

DOGEUSD – 4-Hour Chart

Key DOGE Levels to Watch — February 1

DOGE/USD appears to have gone into consolidation between $0.0450 and $0.0350, as its bullish momentum loses steam. The cryptocurrency’s recent price action has formed a triangle pattern, indicating that a spike (to either direction) is just around the corner.

That said, we expect a retrace to the $0.350 supporting the coming hours, where a rebound to the $0.0500 round figure and higher will likely occur.

Meanwhile, our key resistance levels are at $0.0450, $0.0500, and $0.0600. While our key support levels are at $0.0350, $0.0270, and $0.0220.

Total Market Capitalization: $1 trillion

Dogecoin Market Capitalization: $4.7 billion

Dogecoin Dominance: 0.47%

Note: Learn2.Trade is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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