DOGE - 6h. Consolidation is the best scenario for buyers

2021년 6월 24일

A month and a half of trading on the DOGE market at low volumes allowed sellers to lower the price to $0.16. The last time the DOGEUSDT price was at this mark was in April 2021, after a powerful hype wave of growth. Then the buyers managed to continue their trend. However, they failed to hold on to the important liquid zone of $0.52-0.57. This price zone now looks like the maximum target of buyers for a new wave of growth. However, is it worth waiting for a sharp, aggressive and fast wave of growth in the DOGE market in the near future?

In our previous idea, we expected the growth of this coin, but buyers managed to test only our first goal:

In addition to the important range of $0.52-0.57, buyers also lost control over the liquid zone of $0.28-0.31. The chart shows that this happened without much struggle on low volumes.

The fact that interest in the DOGE coin has dropped dramatically on the daily timeframe:


Low trading volumes both on the attempt to increase the price of DOGEUSDT, and on the attempt to stop the fall of the market.

If we analyze the trading volumes during the insane growth wave of April 13, 2021, then a certain concentration of liquidity is in the range of $0.13-0.14. So far, sellers have not managed to reach this area. However, while the control of the $0.28-0.31 range is under the control of sellers, the likelihood of the continuation of the downward trend is lower.

A positive scenario for the DOGE market is the price stopping in consolidation for the accumulation of forces. A successful attempt to break through the $ 0.28-0.31 range will be a good signal to start a new wave of growth with the target of $0.52-0.57. In the meantime, the price is in the black falling channel

If we analyze the DOGEBTC chart, we see that the probability of continued price consolidation is quite high:

The price has stopped between two powerful liquid zones and no particular aggression is visible from either side.

Therefore, while the situation on the cryptocurrency market does not inspire positive thoughts even now. However, the ranges of consolidation, in which the price is likely to move, make it possible to find profitable trading situations and not lose heart.
_________________________________
We create both short-term ideas (for a local understanding of the market situation) and medium-term forecasts of price movements.
Subscribe to us and get daily concise analytics!