Top Analyst Identifies Must-Break DOGE Resistance Level Before Mega Surge – Here’s His Outlook
Crypto Tony (@CryptoTony__) recently shared his insights on the potential movement of Dogecoin ($DOGE). He mentioned that there’s been a lot of chatter about Dogecoin possibly skyrocketing in value soon.
However, according to this technical analysis expert, there’s a crucial resistance level that needs to be surpassed before any significant upward movement can be expected.
This resistance is identified as the supply zone at $0.10. While this might seem close, it’s a significant barrier, and Tony advises traders not to succumb to the Fear Of Missing Out (FOMO) before this level is breached.
A recent observation by Wavozen on Tradingview highlights the potential bullish trajectory of a certain cryptocurrency. One of the most compelling reasons for a long position is the trendline breakout. A trendline, in technical analysis, represents a line drawn over pivot highs or under pivot lows to determine the overall direction of the price. A breakout from this trendline can signify a potential change in the price direction, indicating a strong buying opportunity.
Further reinforcing this bullish stance is the HSP (High, Sideways, Pullback) setup. This pattern typically indicates that after reaching a high, the price went sideways, consolidating before a minor pullback. Such a setup often precedes a strong upward move, especially when combined with other bullish indicators.
Lastly, the presence of super trend support adds another layer of confidence to the long position. The super trend indicator, which uses average true range values to determine the trend direction, has shown support for the current price level. This means that the price is likely to bounce off this level rather than break through it, further supporting a bullish outlook.
Doge2014 raises 500K in days celebrating Dogecoin. Make potentially big profits and get in on exclusive airdrop!
Show more +However, as with all trading strategies, it’s essential to set a Stop Loss (SL). An SL ensures that potential losses are capped, protecting the trader from unforeseen market downturns. It’s not just a recommendation; it’s compulsory for prudent trading.
We recommend eToro
Wide range of assets: cryptocurrencies alongside other investment products such as stocks and ETFs.
Copy trading: allows users to copy the trades of leading traders, for free.
User-friendly: eToro’s web-based platform and mobile app are user-friendly and easy to navigate.
