DOGEUSDT hit our target and broke above the 1D MA200! What next?

27 окт. 2022 г.

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For this particular analysis on DOGEUSDT we are using the DOGEUSDT symbol on the OKX exchange.
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The idea is on the 1D time-frame where DOGEUSDT finally hit our 1D MA200 (orange trend-line) medium-term target which we set after spotting the RSI Bullish Divergence as outlined on our October 04 idea below:

As you see the massive pump, fueled by the Musk-Twitter news, broke rapidly above Resistance 1 and hit the 1D MA200 for the first time since November 09 2021! The final Resistance (2) is at 0.0900 on the August 16 (Lower) High. This happens to be now exactly on the top (Lower Highs trend-line) of the long-term Channel Down pattern that dictates the Bear Cycle since mid May 2021.

With the 1D RIS vastly overbought above the 80.000 mark, though not necessary when fundamentals and news dominate the price action, it is reasonable to see profit taking and a relief pull-back. Could be as low as the 1D MA50 (blue trend-line) itself, which if DOGEUSDT is starting a new Bull Cycle, will be the Support line.

In our view, we should wait for the price to break and close above the 1D MA300 (red trend-line), which was previously the Support of the Bull Cycle, up until November 18 2021, and hasn't been touched every since. This is basically the last barrier before the price technically seeks the upper Fibonacci extensions of the Channel at 1.382, 1.5, 1.618 and finally 2.0.



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