Analysis time: ~12:09 November 16, 2024 (Vietnam time)
1. Technical Analysis
➢ 1 day time frame:
Important resistance and support levels:
Resistance: 0.0008248 – This is the closest price level that DOGS could not break, a major breakout is needed to confirm the uptrend.
Support: 0.000600 - 0.000618 - This is a strong support zone, which has been held many times, showing stable buying power.
Short-term volatility: DOGS is fluctuating in a narrow range between support and resistance, signaling an accumulation phase and waiting for a breakout.
Moving Average (MA): MA7 and MA25: The two MA lines are crossing each other, signaling an accumulation trend or a trend change.
Trading volume: Trading volume is decreasing after a strong increase. This shows that investors are cautious, waiting for clearer signals to act.
➢ 3-day (3D) time frame:
DOGS price fell sharply for a long time from the high of 0.001854, then recovered and formed a bottom at 0.0004685. DOGS is in an accumulation phase, shown by small candles and low volume.
➢ Technical indicators:
RSI (Relative Strength Index):
Current RSI may be in the mid-range (40-60), signaling DOGS is not yet in overbought or oversold territory.
RSI rose from the previous oversold zone (below 30) to the balance level, indicating a potential recovery - which would be a bullish signal.
MACD (Moving Average Convergence Divergence):
MACD is likely to converge near the 0 line, signaling an accumulation phase or a breakout.
➢ Candle Pattern:
Current candle: Accumulating with a narrow range, showing that the market is waiting for a clear signal. Patterns to watch out for:
Hammer: If it appears near the 0.000600 support zone, this could be a bullish reversal signal.
Shooting Star: If it appears near the resistance of 0.0008248, this is a bearish reversal signal.
Doji: A pattern that shows indecision. If it appears, you may want to wait for the next signal before entering a trade.
➢ Accumulated volume (Volume Profile): Volume Profile in the 0.000600 - 0.000618 area is high, showing that this is a price area of strong interest, with the ability to support prices in the short term.
➢ Bollinger Bands: The current Bollinger Bands may be narrowing, signaling an accumulation phase. When the price breaks out of the upper or lower band, the possibility of large movements will occur.
2. On-Chain Analysis
➢ Cash inflow/outflow in 24 hours:
Big money flow: -148.54M (more selling than buying), showing that selling pressure is still dominant.
Total small cash flow: Relatively balanced between buying and selling, showing the caution of small investors.
➢ Margin ratio: In 24 hours, the margin ratio increased slightly, showing investors' interest in using leverage. However, the long/short ratio is relatively balanced, with no clear signs of trend.
3. Market Sentiment Data Analysis
➢ Long/Short ratio (Sentiment Analysis):
Current: The long and short ratios are relatively balanced, but there are signs of a slight increase in the short ratio. This shows that some investors are expecting prices to fall.
Future: If the short ratio increases sharply while the price remains above 0.000600, a short squeeze may occur (price increases sharply as shorts are liquidated).
➢ Potential events related to DOGS or TON: For example, if TON or an affiliated project announces a partnership or expansion, the DOGS price may benefit.
➢ Impact on the overall crypto market: If Bitcoin (BTC) maintains an uptrend, altcoins like DOGS usually benefit. Conversely, if BTC corrects sharply, DOGS may face greater selling pressure.
4. Price Prediction Next Week
DOGS has the potential to rise, but the condition is to break the resistance at 0.0008248 with high trading volume. If the general crypto market is positive (Bitcoin is stable or rising), the possibility of DOGS rising is higher.
➢ Bullish scenario: If DOGS breaks the resistance at 0.0008248 with high volume, the price could rise to the target levels:
Target 1: 0.000900 (+~5-8%)
Target 2: 0.001000 (if general market sentiment is positive or there is good news).
➢ Bearish scenario: If DOGS breaks the support at 0.000600, the price could drop to the following levels:
Target 1: 0.000550
Target 2: 0.0004685 (old bottom area).
➢ Neutral scenario: Price continues to fluctuate in the range of 0.000600 - 0.0008248, suitable for short-term trading.
5. Trading Strategy
➢ Short-term strategy:
Buy at support:
Buy point: 0.000600 - 0.000618.
Take profit: 0.0008248.
Stop loss: 0.000580.
Sell at resistance:
Point of sale: Near 0.0008248.
Take profit: 0.000700 - 0.000650.
Stop loss: 0.000850.
➢ Long-term strategy:
Long term accumulation: If DOGS drops to 0.0004685, this is an accumulation opportunity.
Breakout: Buy aggressively if DOGS breaks above 0.0008248 on high volume.
Take Profit: At 0.000900 - 0.001000.
Use leverage (Margin Trading): Use low leverage (1-3x) to avoid too high risk.
➢ Trend Trading:
Buy order:
Buy point: When price breaks resistance 0.0008248 with spike in trading volume.
Profit target: 0.000900 - 0.001000
Stop Loss: Place below old resistance 0.000800 to protect capital.
Sell order:
Sell point: When price breaks support 0.000600, confirmed by large sell volume.
Profit target: 0.000550 - 0.0004685
Stop Loss: Place above old support level 0.000620.
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➢ Range Trading:
Buy at support:
Buy point: Zone 0.000600 - 0.000618, if price bounces with long green candle.
Target profit: 0.0008248.
Stop loss: Below 0.000580.
Sell at resistance:
Sell point: Near 0.0008248 if resistance fails to break.
Profit target: 0.000700 - 0.000650.
Stop loss: Above 0.000850.
Consider applying the R:R ratio in the article posted and pinned on this personal page @caocaoo2211 to your trading strategy, x2 x5 profit!
6. Risk Management
Always set a stop-loss order to protect your capital. If DOGS price breaks important support, stay out for a while to observe. Divide your capital into small parts, only trade a maximum of 5% of your capital on one transaction.
CONCLUDE
DOGS (TON) is in the accumulation phase, preparing for a big move. Closely monitor the support levels of 0.000600 and resistance levels of 0.0008248 to make trading decisions. Combining technical analysis, money flow, market sentiment and news, the trading strategy for next week will focus on:
Trend trading: Buy on resistance breakout.
Trading in accumulation zone: Buy at support, sell at resistance.
Probability of bullish next week: High if DOGS breaks resistance 0.0008248.
Expected increase: From 0.000900 to 0.001000, which is an increase of about 10-20%.
Action needed: Closely monitor price action at 0.0008248 and trading volume to confirm whether the trend is up or not?
Wishing you successful trading and maximizing profits next week!
Every day, CRIPTO always posts technical analysis, information, knowledge,... similar to different coins. Follow CRIPTO (@caocaoo2211 ) to update technical indicators or interesting information about crypto!
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Note: Crypto markets are highly volatile, and relying on technical analysis does not guarantee results. Please consider and make decisions based on your risk tolerance.
