Why "BabyDoge" is a sleeper waiting to explode
Yes, it's a memstock.
No, it doesn't matter if it's utterly and completely useless. You're not trading for use case, you're trading on technical analysis.
Stop being in this mindset that if it's absolutely useless, it can't be traded for profit. If it's in a trending market it can be profitable regardless of use-case. Think about Bitcoin when it first started off.... What was it's original use case? ABSOLUTELY NOTHING. You couldn't use it anywhere, you couldn't buy anything with it, YET - it's still worth
54K right now. And yes, it's apples to oranges comparison, but apples and oranges are still FRUIT.
The breakout of the trading range and trendline with LARGE volume confirms that the move is VALID. Even when it retraced below the trendline it broke out of.
A couple of big things makes this a worthwhile asset to trade:
-The breakout of range on high volume confirmed the move higher.
-The higher highs along the way came with HIGHER and HIGHER volume each time which double confirms the uptrend.
-Even when price retraced below the trendline it broke out of, it broke below that trendline on LOW volume, which means that it's a fake breakdown and we should expect a swing back up higher and the resumption of the upward trend at some point and time.
Just these 3 specific items, that all have volume confirmation, make it a valuable trade to go long on, and/or accumulate and hold.
No, it doesn't matter if it's utterly and completely useless. You're not trading for use case, you're trading on technical analysis.
Stop being in this mindset that if it's absolutely useless, it can't be traded for profit. If it's in a trending market it can be profitable regardless of use-case. Think about Bitcoin when it first started off.... What was it's original use case? ABSOLUTELY NOTHING. You couldn't use it anywhere, you couldn't buy anything with it, YET - it's still worth
54K right now. And yes, it's apples to oranges comparison, but apples and oranges are still FRUIT.The breakout of the trading range and trendline with LARGE volume confirms that the move is VALID. Even when it retraced below the trendline it broke out of.
A couple of big things makes this a worthwhile asset to trade:
-The breakout of range on high volume confirmed the move higher.
-The higher highs along the way came with HIGHER and HIGHER volume each time which double confirms the uptrend.
-Even when price retraced below the trendline it broke out of, it broke below that trendline on LOW volume, which means that it's a fake breakdown and we should expect a swing back up higher and the resumption of the upward trend at some point and time.
Just these 3 specific items, that all have volume confirmation, make it a valuable trade to go long on, and/or accumulate and hold.
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