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Sarah Tran Sarah Tran
Independent Analyst

Dogecoin price is counting on a critical line of defense to hold before a relief rally could be in the offing. If the DOGE bulls manage to reverse the period of underperformance, the canine-themed token could possibly tag the upper boundary of the governing technical pattern at $0.24.
Dogecoin price fate has been sealed within a descending parallel channel as the token has failed to galvanize investors’ enthusiasm. However, the Arms Index (TRIN), which gauges overall market sentiment suggests that there are more buyers than sellers in the market.
Dogecoin price could enter into a relief rally toward the upper boundary of the governing technical pattern at $0.24, resulting in a 71% climb if it manages to sustain above the 200 three-day Simple Moving Average (SMA) at $0.13.
The first obstacle for Dogecoin price may emerge at the 21 three-day SMA at $0.15, then at the middle boundary of the prevailing chart pattern at $0.16, coinciding with the 23.6% Fibonacci retracement level.
Additional hurdles may appear at the 50 three-day SMA at $0.19 next, coinciding with the 38.2% Fibonacci retracement level, then at the 50% retracement level at $0.22.
DOGE
DOGE/USDT 3-day chart
An increase in buying pressure may see Dogecoin price tag the bullish target at $0.24, where the upper boundary of the parallel channel is located.
However, if a spike in sell order occurs, Dogecoin price may test the 200 three-day SMA at $0.13 as immediate support. If this level fails to hold, DOGE may fall toward the January 22 low at $0.12 next. 
If selling pressure continues to increase, Dogecoin price may slide toward the lower boundary of the governing technical pattern at $0.11 next.
 
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Terra announced that the company had completely revamped its website during the wee hours of September 13. Despite a staggering 229% rise this week, LUNA is correcting 30%+ on the daily chart.
Solana price has rallied 25% since the September 7 liquidation occurred. SOL price volume is still relatively low compared to the previous uptrend during the summer. A breach above $48.42 could be the catalyst to a much larger bull run targeting $90.
TRX price finds support above the recently breached 8- and 21-day simple moving averages. The Volume Profile Indicator shows the bearish downtrend may have ended. Invalidation of the uptrend thesis is a breach of the swing lows at $0.06. 
For many governments, Central Bank Digital Currencies (CBDC) have become the solution to either dealing with cryptos entirely or furthering their footing in the space vis-a-vis blockchain technology. CBDCs are rapidly developing, with over 87 countries currently engaged.
Bitcoin price has not only swept key swing lows, as noted in last week’s articles, but it has also reached its first recovery level target. While the recovery rally was as quick as it was a surprise, investors can hope for a minor retracement to get on the next leg-up.
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer.
Trading foreign exchange on margin carries a high level of risk and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading and seek advice from an independent financial advisor if you have any doubts.
Opinions expressed at FXStreet are those of the individual authors and do not necessarily represent the opinion of FXStreet or its management. FXStreet has not verified the accuracy or basis-in-fact of any claim or statement made by any independent author: errors and Omissions may occur.Any opinions, news, research, analyses, prices or other information contained on this website, by FXStreet, its employees, partners or contributors, is provided as general market commentary and does not constitute investment advice. FXStreet will not accept liability for any loss or damage, including without limitation to, any loss of profit, which may arise directly or indirectly from use of or reliance on such information.

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