Trade Recommendation: Dogecoin

The price bounces from the support zone formed by SMA50 and 0.00000080 support level. RSI confirms price reversal in the oversold zone. MACD histogram supports possible upward movement. DMI allows opening long trades. We have buy opportunity. Because the daily chart looks overbought and it has potential for downward movement, it’s better to use this buy signal as for short term trading with close profit targets. Entry level is 0.00000090 with stop orders below the swing low at 0.00000078 level. Profit targets are 0.00000100 and 0.00000110 resistance levels. Also you should note that the markets are not stable now. It’s better to use stop orders in order to avoid deep drawdowns. If you don’t use leverage, trading volume for this trade is up to 10% from your deposit.

Buy: 0.00000090
Stop: 0.00000078
Profit Targets: 0.00000100 and 0.00000110

The trading signal is based on Poloniex chart.
Disclaimer: The analyst does not have investments in Dogecoin.

Dmitriy Lavrov is a professional trader, technical analyst and money manager with 10 years trading experience. The main covered markets are Forex, Commodity, Cryptocurrency. Provides personal education for those who are interested in profitable trading. Entries in TOP 10 among TradingView authors.