Doge: Way to $2 very very possible - Here's why

2021年5月8日

Doge is forming a cup and handle pattern on both the 1h and 4h charts. The handle formation is in the making and it can be confirmed from both RSI and Chaikin Money Flow which are decreasing. In the past 6 hours, RSI has gone from 80 to approx. 65. Chaikin Money Flow also has decreased but only a little bit indicating fear and panic selling by few micro investors.
It will breakout and move up once it touches the support level of 0.679$ i.e. 49.80₹.
As of writing doge has 5 major sell walls which could delay its rally to $1. Each sell wall has 20-40 million DOGE coins in position to be sold.
The highest sell wall is without a doubt at $1, where more than 102 million Doge coins are about to be sold.
They are at:

• $0.80(₹58.64)
  
• $0.85(₹62.30)
  
• 0.90(₹65.97)
  
• 0.97(₹69.63)
  
• 0.98 (₹71.83)
  

Source: Binance Spot & Margin DOGE/USDT Orderbooks


However, once the price comes near ₹60, the wall size is likely to reduce and the coin will rally all the way to $1 with hardly 1-2 dips.
Despite the resistance, it is very unlikely that it won't touch $1.


On the side, due to the bull run, DOGE is now only 5 billion short of BNB's market cap. By the SNL goes live, it will touch and go above BNB's market cap. This, combined with a shilling by Elon Musk on SNL will likely push it to ₹140($2).


Note: This is not financial advice. Do your own research. I am not responsible for any losses due to any trading decisions taken after seeing my analysis.