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This strategy is ideal for traders in the Dogecoin market right now
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Since late-September, Dogecoin has traded within a steady up-channel, barring a false breakout on 28 October. With the 50-SMA (yellow) about to cross above the 20-SMA (red), DOGE could weaken below the 38.2% Fibonacci level and form a new low at the bottom trendline.
From there, chances of a breakdown would come to light if the broader market continues to witness outflows. At the time of writing, DOGE traded at $0.2554, down by 1.78% over the last 24 hours.
Dogecoin Daily Chart
Source: DOGE/USD, TradingView
The daily MACD and Awesome Oscillator traded below their respective half-lines. Which means, DOGE could slip below the 38.2% Fibonacci level, set up a new low between the Visible Range’s POC at $2.50 and the lower trendline at $2.40.
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