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The hype is over for dogecoin??

avatar of @maoyagi
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@maoyagi
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2 min read

The dogecoin is currently trading at $0.188 after the dip that happened for a long time..

The daily chart shows that the dogecoin made some quick bullish move within the last twenty four hours which made its price to touch the $0.20 price area..

The relative strength indicator on the diary chart is currently giving us a sell signal for those that are short term traders but I am not sure if it is a major trend reversal for the dogecoin or it will just be a form of retracement..

The market looks bearish on the daily chart and for the next twenty four hours we might see a dogecoin price which would go lower than it is right now...

But before we make conclusions, we need to check a bigger time-frame to make us have a bigger view of the market and be able to predict its long term market behaviours...

The relative strength index on the weekly chart is showing an oversold zone and the price could not take it below that oversold zone and that is forcing the price of the dogecoin to go back up but bow long will it keep going up?? No one can be very certain about that...

But what I know for sure is that the dogecoin is looking so prepared for the bullish market which is waiting for confirmation on the daily chart..

I am keeping my eyes on the daily chart because the weekly chart already confirms a bullish market on dogecoin but the daily chart is still showing that it is not time to place the buy orders yet...

The monthly chart shows a bearish candle and that is why we had a bearish dogecoin for several days..

The dogecoin is around the oversold area on the monthly chart and the price action confirms that there is currently a massive buy occurring on the long term and that would make the dogecoin to become bullish again if it goes as planned..

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