DOGEBTC (Dogecoin) – Coin of the Week
This week’s coin is Dogecoin. Doge was created as a joke in December 2013 and is based on the popular “doge” Internet meme that features a Shiba Inu on its logo. The total market capitalization of the coin is 6,3 billion dollars and it has a 24h trading volume of 4,8 billion dollars. It is primarily used as a tipping system on Reddit and Twitter to reward the creation and sharing of quality content.
Technically, we had a big up move at the end of January and then a sharp reversal that dropped the price nearly 80% from the top. After the reversal, Dogecoin is making a corrective structure that seems to give us a higher probability for one more down move. We have to watch carefully how the price develops between the resistance and support areas. If the price breaks the resistance area and closes strongly above it, we should expect the up move to continue to make new higher highs.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
Technically, we had a big up move at the end of January and then a sharp reversal that dropped the price nearly 80% from the top. After the reversal, Dogecoin is making a corrective structure that seems to give us a higher probability for one more down move. We have to watch carefully how the price develops between the resistance and support areas. If the price breaks the resistance area and closes strongly above it, we should expect the up move to continue to make new higher highs.
Trade with care.
Best regards,
Financial Flagship
Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.
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