Dogecoin market analysis
For Dogecoin, if you want to confirm the reversal of its overall trend from a medium- to long-term perspective, you need to break out and retrace into an intermediate area, and then continue to rise. In this way, we can form a large arc bottom, and thus bullish. Otherwise, there is a tendency for Dogecoin to experience a deep correction after the rally due to the sell-off in liquidity.
Let’s review the deep pullback after the last time it rose. The pullback from the 0.2 high, if it was a late contract, may not be able to withstand the downward pressure, falling by 41%. Therefore, I personally recommend that for altcoins, it is more realistic to focus on spot trading.
In addition, I would like to update you on the situation of BCH. Recently, this coin has been doing quite well. We shared information about it last Thursday and Friday, and we’ve tracked it this week. As you can see, its performance this week has been quite strong, even up 56% from last week’s low. My first target point has already reached 530.
In yesterday’s show, I also mentioned that the BCX halving is good news. There are now about 10 days left until the halving. From a long-term perspective, we also gave a target point earlier, which is about 580. In my opinion, it may do some high-level consolidation in this range. If it continues to rise directly, I may opt out and lean towards short-term operations. If it continues to rise after consolidation, I will continue to watch to see if it can hit higher levels such as 700.
