I believe I shared a bullish analysis for Dogecoin recently. If you read this analysis, this is an important update.
The recent jump reached its end and it seems to be a failed bullish move. Dogecoin found resistance around the same level that led to the 5-August crash. For DOGEUSDT this high happened 21-July around 0.14300. This is shown with a blue line on the chart.
Dogecoin is now trading back below this level and producing a rounded top. This signals that a new drop is coming and this last move was simply an inverted correction.
The good news is that this type of move can lead to a higher bottom. Meaning, the drop can end around the 5-August low, a bit higher or lower but doesn't necessarily need to be super low. If there was no recovery wave, the next low could have been a disaster.
Dogecoin is set to move lower based on the current chart, market conditions and signals. Close any LONG trades.
If spot, you can easily sell and buy back lower.
If you are a long-term holder, you can simply wait for the whole thing to unravel as it should only last a few weeks, maximum a few months.
If you are a long-term accumulator, you can keep your coins and buy more when prices drop. We will have massive growth in 2025.
Thanks a lot for your continued support.
Namaste.
