Can Dogecoin go any higher?
Yes, Dogecoin can go higher. In fact, Dogecoin can go much higher.
Dogecoin is the cryptocurrency on everyone's lips right now, and it's for good reason.
But really guys, can Dogecoin go any higher than its current 73c all time high?
Well, it's done more than 100x over the last 12 months alone and with the crypto hype-cycle most likely nowhere near peak mania right now, there certainly could be more to run.
With everyone still asking how high can Dogecoin go, let's take another look at the price of Dogecoin on the charts and try to draw some conclusions.
Dogecoin Technical Analysis
Now obviously this serious market analysis post is being done on fucking Dogecoin and should be taken with a pinch of salt as a result.
Remeber the old this is not financial advice, it's purely for entertainment purposes only thing?
Well whenever you're reading analysis on a literal meme coin like Doge, then you probably should take that advice.
But...
After having said all that, Dogecoin has room to go so much higher than where its at now.
Just take a look at the daily chart below.
Dogecoin (DOGE/USD) Daily:
As a support and resistance trader, I'm always on the lookout for higher time frame zones which price prints and then respects after making a return.
And that my degenerate Dogecoin trading friends, is a textbook example of a market breaking out of resistance and now retesing it as support.
While Dogecoin is most certainly a meme coin, it's still a market traded by human beings.
Whenever human being are involved, you're going to find patterns and support/resistance zones are the perfect visual representation of the predictability of human psych.
Now zoom into the 4 hourly chart and the price action speaks for itself.
Dogecoin (DOGE/USD) 4 Hourly:
Two spikes higher into the 45c zone to establish it as resistance, a breakout to reach all time highs at 73c and now a retest of previous resistance this time as support.
Look at the way price has already wicked down to the bottom of the zone with buyers just soaking up the sellers.
So to answer the question, yes Dogecoin can go higher.
It can go much higher in fact.
And if you agree with that sentiment, then this bounce off previous resistance turned support is as good a place as any to buy some more.
Best of probabilities to you.
Direct from the desk of Dane Williams.
Why not leave a comment and share a chart of your own in the comments section below? All comments that add something to the discussion will be upvoted.
This daily market analysis blog is exclusive to leofinance.io.
Posted Using LeoFinance Beta
