Nixse
0

Dogecoin analysis for May 6, 2021

Looking at the chart on the hourly time frame, we see that Dogecoin is losing strength, falling below the moving averages of MA20, EMA20. Now we are testing MA50 at 50.0% Fibonacci level, and it is very likely to drop to 61.8% Fibonacci level at 0.57320. We see that this zone was good support in the previous period. If a break occurs below, we look for the next support at 0.55000, around 78.6% Fibonacci level. The larger support zone is at 0.50000, the place where the previous break went historically high at 0.69663.
Looking at the MACD indicator, we see that we are in the bearish trend, with a solid probability that we will continue in the bearish trend. What can change this trend is a sign that the last two histograms of the MACD indicators show that the bearish trend is weakening and that we are likely to find some support and move back to the bullish trend.
In a series of tweets from Tuesday, the popular Twitter account of Lovstrife pointed out the similarities between Dogecoin and KSRP among the warning signs that the “end” is near. As Cointelegraph reported, DOGE / USD continued to climb this week, reversing previous losses to remove its previous sky-high of $ 0.47. To date, this pair has grown by 7,000%.
Dogecoin analysis for May 6, 2021 Musk, who published headlines throughout the year for his alleged worship of Dogecoin, also encouraged the acceptance of his gains, which are based not on merit but the viral effect of memes. The current situation is too familiar to newer market participants.
The GameStop debacle, in which individual traders pushed the stock price to bring down short hedge funds, provided fertile ground for the movement of copies in cryptocurrency. With such huge growth happening in just a few short months, it is only natural for traders to make moves that help lock in profits and then look for the next potential driver to invest in. Several careful traders, including Digital Currency Group founder Barry Silbert, pointed out that much of DOGE’s trading activities took place in the Robinhood trading app.
Other cryptocurrencies available on the platform could benefit from traders redirecting profits from DOGE in cryptocurrencies of lower performance. This turned out to be a crucial view, as all the major cryptocurrencies available on Robinhood recorded double-digit gains on May 5, while the DOGE price fell by 25%.

  • Support
  • Platform
  • Spread
  • Trading Instrument
User Review
  • Support
    Sending
  • Platform
    Sending
  • Spread
    Sending
  • Trading Instrument
    Sending


You might also like

Leave a Reply