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Cryptocurrency
by Seth Parker on September 10, 2018

Dogecoin Analysis – The moon is not enough!

Today’s instruments have three things in common. First of all, they are among the top gainers on Monday and the second thing is that they all start with the letter ‘D’. First crypto is the Dogecoin, which is one of the best performing instrument on the market. That does not come a a surprise. Previously, we mentioned this instrument on the last day of August, when the price was on the 0.0036 USD. We were very positive about the future here:

„Real fireworks happened yesterday, when the price made a huge upswing breaking the long-term down trendline. Together with the defence of the green support, it is a strong buy signal. Today, is not much worse. At the beginning of the European session, DOGE is 15% higher than yesterday. Current target is the orange resistance on the 0.004. Chances that we will get there are pretty high. Sentiment on the DOGE is positive. „

dogecoin chart

Price reached that target later that day. Then, we almost doubled in the next two days. How amazing is that? Since that, DOGE was undergoing a correction but last five bullish days in a row are showing us that the bearish correction is over. Currently, the price is aiming a crucial resistance on the 0.0064 USD (blue). The breakout of this level will reopen a buy signal. Sentiment is still positive but buying strictly under the resistance is not the best strategy on the record.

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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