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đ DOGS/USDT Technical Analysis - Possible Long Trade Opportunity
In todayâs analysis of DOGS/USDT, weâre observing a market structure shift that might present a good opportunity for long positions in the coming days.
Key Levels:
Resistance Zone: At around 0.0013890, this level has been acting as a strong barrier for price action, with multiple rejections from the upside. If price manages to break above this zone, we could see a significant price move.
Support Zone: The price has recently bounced around 0.0008799, marking a potential low. If it continues to hold, it could confirm a higher low (HL) pattern and set the stage for an upward move.
Market Structure:
Lower Highs (LH) and Lower Lows (LL): Price has been in a downtrend for some time, creating lower highs (LH) and lower lows (LL), typical of a bearish market structure.
Recent Shift: After hitting a recent lower low (LL) and forming a higher low (HL), the structure seems to be shifting toward bullish. This change signals a potential reversal, especially if the price breaks the current resistance zone.
Trade Setup:
Entry Point: The entry would be ideal if the price breaks above the resistance zone near 0.0013890 and confirms a bullish trend continuation.
Stop-Loss: A stop-loss can be placed below the recent low (around 0.0008799) to limit risk in case the price reverses.
Target: The next significant target would be the 0.0013890 resistance level, where price might face some selling pressure. If the market breaks this level, the next target could be around 0.0014930.
Risk/Reward: This setup presents a potential risk-to-reward ratio of about 2:1, depending on your entry and stop-loss levels, which makes it a favorable trade if the market conditions align.
Conclusion: We are seeing a potential market structure reversal in DOGS/USDT with a possible higher low formation. Traders should monitor the resistance zone closely, as a break above could signal the start of a bullish trend. Always remember to practice proper risk management and never risk more than youâre willing to lose.
Happy Trading!
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