Today, the Dog Coin J grid rose 12%, while the rest of the market remained calm.On chain indicators indicate that smart money may have offloaded their DOGE positions
- Today, the Dog Coin J grid rose 12%, while the rest of the market remained calm.
- On chain indicators indicate that smart money may have offloaded their DOGE positions.
- Breaking through $0.096 will invalidate the bearish outlook.
Due to the bullish surge of 12% on Friday, November 25th, the market was surprised by the J value of Dogcoin. As prices consolidate near the upper limit of the previous range, the technical side indicates optimism in the coming days. The infamous meme coin is often referred to as the leading indicator of cryptocurrency traders. The recent rebound has also raised a crucial question for investors: is it time to return to the market?
Dog Coin J Grid Trend
The current auction price for Dogcoin is $0.088, as the recent upward trend has led to a 25% increase in the market value of Dogcoin this week. The Fibonacci pullback tool around the November high of $0.148 and November low of $0.073 shows that today's rebound broke through the Fibonacci level of 23.6%. The Fibonacci level of 23.6 is usually considered a weak level, but it can provide a background for potential bullish forces in the market. The daily candlestick closing above this level should prompt the J grid to further rise to the 38.2% Fibonacci level of $0.09. On the contrary, if the bulls fail to maintain this level, there is a high possibility of a bottoming out event targeting a new monthly low.
On chain indicators can provide a background for what happens under the hood of the infamous meme coin. According to Santiment's active address indicator, compared to the previous counter trend rebound on November 22nd, the recent upward trend indicates that J is less prone.
This indicator can be used to measure the speculative behavior of the population around digital production. Based on the recent decline in J trading volume, shrewd Z gold may have already exited its position, and the current upward trend may be a suction cup rebound aimed at attracting retail bulls.
Considering these factors, DOGEJ may face significant resistance before the weekend. Breaking through the level of $0.085 may be a signal that bearish bears are seeking to lock their target at the November low of $0.068. The invalidity of the bearish argument will be the 38.2% Fibonacci level of $0.096. Breaking through the failure point may prompt the J grid to rebound around the November high of $0.148, leading to an 80% increase in DOGEJ grid compared to the current J grid.
To learn more about relevant knowledge and market analysis, welcome to join us! Welcome to leave a message!
Thank you for reading. Friends who like it can click like to follow!
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
