Dogecoin Goes Bullish, Will It Break $0.22888?

10月29日

Good morning my fellow Cryptocurrency trader, how are you feeling today?

Let us start the day with Dogecoin because we have some bullish momentum and when I look at this chart question immediately arises in my mind: How far up can it go, and, will the March 2024 peak break?

The current move we see on the chart is part of bounce after the 5-August low. After several months of bullish consolidation, we are seeing a clear advance. How far up can prices go in this advance?

We are seeing a hidden bearish divergence on the RSI coupled with overbought readings. That is, the pair is overbought.

After 19 days of bullish action, trading volume continues to be weak. With this much bullish action, we would expect to see more volume. Low volume is an indication of weakness.

Lastly, we have a lower high compared to May and the bullish wave seems to be at its end. This chart setup is bearish and calls for a correction next. Buy at support, sell at resistance.

Thank you for reading.

Namaste.