✴️ Dogecoin | Bullish Or Bearish? Both!

٢٥ ديسمبر ٢٠٢٣

The question to consider right goes as follows —bearish or bullish?

We don't like bearish that much because when you think about it, Dogecoin hasn't grown that much compared to many other Altcoins, in fact, it has been lacking behind. So why a correction if there is no strong growth, right?

What is the chart saying right now?

We have some mixed signals and which way we choose to go depends on the timeframe, long- or short-term.

Bullish

➖ Dogecoin is clearly bullish based on the rising channel.
➖ Dogecoin is bullish based on the fact that the RSI remains strong.
➖ Dogecoin is bullish because it is trading above EMA50 and other moving averages.
➖ Dogecoin is also bullish because it hasn't been going down mid-term but rather up.

Bearish

➖ Dogecoin has bearish potential because it stopped growing 11-Dec.
➖ Dogecoin bearish potential grows each time volume drops and volume is dropping.
➖ Dogecoin has bearish potential because while the RSI is still strong, it is coming down from really high; trending down, the bias is downward and this can be negative short-term.


Conclusion

Dogecoin daily goes bullish today as it is moving above EMA10 but, will it keep on growing or move to hit a lower low? For example, an ABC correction.

The market can do whatever it wants whenever it wants every day, so we have to keep it simple and read what the chart says.

👉 As long as 0.10731 remains as a peak and DOGEUSDT trades below this level, the potential is for more consolidation or lower lows.

👉 If DOGEUSDT breaks the last high just mentioned above, we can forget any retraces and corrections and continue aiming for the next target.

👉 Bearish potential is still intact, bullish potential is also in-play. We have a mixed chart... It is time to wait. The market will clear everything up in a matter of days.

Thank you for reading.

Namaste.