Dogecoin has recently been moving in a very tangled manner, with no clear direction visible from a technical perspective. Let's first look at the support level—$0.1370 is the first line of defense. If it breaks, we should then watch $0.1350, which is a recent bottom area. If it can't hold, it may trigger a chain reaction of declines.
The resistance levels above are also worth noting. In the short term, $0.1390 faces some minor resistance but isn't a tough nut to crack. Breaking through it could lead directly to the $0.1400 round number. The real challenge is the $0.1420 level; it’s not easy to break through.
The overall chart currently shows a oscillating downward trend on the 1-hour timeframe. Most technical indicators are weak, and trading volume is not keeping up. There are no hot spots to break this deadlock in the short term. The likely rhythm will still be oscillating at low levels.
In terms of trading strategy, it's advised not to rush into action. If the price falls below the $0.1350 line, consider trying a small short position. Conversely, if the price can break through $0.1420 with a significant increase in volume, a small long position could be attempted. But remember to set proper stop-losses to prevent losses from expanding.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
8 Likes
Reward
8
3
Repost
Share
Comment
0/400
AltcoinTherapist
· 01-17 07:43
Dogecoin's recent performance really dragged down the market; the volatility was so intense I even fell asleep.
View OriginalReply0
AirdropSkeptic
· 01-17 07:41
Dogecoin's fluctuations are really uncomfortable, and I can't see any clear direction.
Wait, are these support levels really that critical? It feels like they get broken through often.
If it breaks below 0.1350, should I go short directly? I still need to see if the volume supports it, otherwise it might bounce back.
View OriginalReply0
MoonMathMagic
· 01-17 07:38
Dogecoin's recent market movement is really just a tease, not much meaning haha
Dogecoin has recently been moving in a very tangled manner, with no clear direction visible from a technical perspective. Let's first look at the support level—$0.1370 is the first line of defense. If it breaks, we should then watch $0.1350, which is a recent bottom area. If it can't hold, it may trigger a chain reaction of declines.
The resistance levels above are also worth noting. In the short term, $0.1390 faces some minor resistance but isn't a tough nut to crack. Breaking through it could lead directly to the $0.1400 round number. The real challenge is the $0.1420 level; it’s not easy to break through.
The overall chart currently shows a oscillating downward trend on the 1-hour timeframe. Most technical indicators are weak, and trading volume is not keeping up. There are no hot spots to break this deadlock in the short term. The likely rhythm will still be oscillating at low levels.
In terms of trading strategy, it's advised not to rush into action. If the price falls below the $0.1350 line, consider trying a small short position. Conversely, if the price can break through $0.1420 with a significant increase in volume, a small long position could be attempted. But remember to set proper stop-losses to prevent losses from expanding.