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$Doge coin: Almost a year of consolidation. Will it break out? 😏

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beehivetrader
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Hey doge fans! Check this out! :) 🐢

I'm going to cover a basic analysis on Doge coin today.

Though it started as a meme project, it does have some potential for the long run, this is an altcoin which wont die anytime soon, because of a very vibrant, enthusiastic community.

Overall bias on $Doge: Neutral/Accumulation

Doge/BTC 1W

Chart 1:

DOGE/BTC, 1W

Link: https://www.tradingview.com/x/xUAh3jJL/

Overall Bias: Neutral (Near support)
Critical zones have been marked on chart!

Points to note:

  1. Historical support at 16 satoshis.(If it goes below, we will need to re evaluate this analysis again, as it will invalidate this setup)
  2. Next immediate support is around 23 satoshis. It is a good buy zone imo.
  3. We haven't seen doge below 16 satoshis before, since early 2015.

Doge/BTC 1W

Chart 2:

Doge/BTC, 1W

Link: https://www.tradingview.com/x/TNbmM1jV/

Overall Bias: Neutral (Near support)
Critical zones have been marked on chart!

Points to note:

  1. Notice the small hammer candle forming on weekly.
  2. Symmetric triangle pattern observed on weekly (It can break either side, so play safe.)
  3. If it breaks down, dont worry, accumulate some amount around 16-23 sats and have some patience.
  4. If we look at the below chart, (provided it closes around 23 satoshis, it will potentially form a descending triangle pattern, which is generally bearish in nature. But dont get confused, This pattern hasn't formed yet! This is one reason why I'll be waiting for sometime before entering :)
    image.png
    Good suporting point to buy even if it breaks down: The historical 16 satoshis support.

Link: https://www.tradingview.com/x/Yh6E2dtn/

Lets look at the analysis on smaller timeframes:

Doge/BTC 4H

Chart:

image.png

  • Nothing much here

Doge/BTC 1H

Chart:

image.png

Smaller timeframe charts look like f***ing Bar code. So I'm skipping this. πŸ‘»

p.s. In case you want to read the barcode, here's the link https://www.tradingview.com/x/qWELhyXW/ 😜

What I personally feel: I'm not holding doge currently. But I'm very much interested to buy if it hits the buy zone. I wont be going heavy, but I will definitely buy with some idle cash and wait.

Here's why I still have some belief on this coin:

  1. A great use case on micro tipping
  2. Doge community is fun, and vibrant
  3. A very old project.

If we look at the weekly, we see there are distinct 'moon cycles' in doge coin.
When is the 'next cycle'? πŸ˜‹

We are currently seeing several weeks of consolidation. This particular consolidation is lasting for a long time, but no one knows what will happen exactly. All we can bet on is, "Patience"!

One more supporting fact: https://bitinfocharts.com/comparison/dogecoin-hashrate.html

Check this out, the hash rate is growing :)
you know what this means

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