Hey doge fans! Check this out! :) πΆ
I'm going to cover a basic analysis on Doge coin today.
Though it started as a meme project, it does have some potential for the long run, this is an altcoin which wont die anytime soon, because of a very vibrant, enthusiastic community.
Overall bias on $Doge: Neutral/Accumulation
Doge/BTC 1W
Chart 1:
Link: https://www.tradingview.com/x/xUAh3jJL/
Overall Bias: Neutral (Near support)
Critical zones have been marked on chart!
Points to note:
- Historical support at 16 satoshis.(If it goes below, we will need to re evaluate this analysis again, as it will invalidate this setup)
- Next immediate support is around 23 satoshis. It is a good buy zone imo.
- We haven't seen doge below 16 satoshis before, since early 2015.
Doge/BTC 1W
Chart 2:
Link: https://www.tradingview.com/x/TNbmM1jV/
Overall Bias: Neutral (Near support)
Critical zones have been marked on chart!
Points to note:
- Notice the small hammer candle forming on weekly.
- Symmetric triangle pattern observed on weekly (It can break either side, so play safe.)
- If it breaks down, dont worry, accumulate some amount around 16-23 sats and have some patience.
- If we look at the below chart, (provided it closes around 23 satoshis, it will potentially form a descending triangle pattern, which is generally bearish in nature. But dont get confused, This pattern hasn't formed yet! This is one reason why I'll be waiting for sometime before entering :)
Good suporting point to buy even if it breaks down: The historical 16 satoshis support.
Link: https://www.tradingview.com/x/Yh6E2dtn/
Lets look at the analysis on smaller timeframes:
Doge/BTC 4H
Chart:
- Nothing much here
Doge/BTC 1H
Chart:
Smaller timeframe charts look like f***ing Bar code. So I'm skipping this. π»
p.s. In case you want to read the barcode, here's the link https://www.tradingview.com/x/qWELhyXW/ π
What I personally feel: I'm not holding doge currently. But I'm very much interested to buy if it hits the buy zone. I wont be going heavy, but I will definitely buy with some idle cash and wait.
Here's why I still have some belief on this coin:
- A great use case on micro tipping
- Doge community is fun, and vibrant
- A very old project.
If we look at the weekly, we see there are distinct 'moon cycles' in doge coin.
When is the 'next cycle'? π
We are currently seeing several weeks of consolidation. This particular consolidation is lasting for a long time, but no one knows what will happen exactly. All we can bet on is, "Patience"!
One more supporting fact: https://bitinfocharts.com/comparison/dogecoin-hashrate.html
Check this out, the hash rate is growing :)
you know what this means
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