Crypto Trade Recommendation -Dogecoin (3rd June)

Dogecoin or Doge has been the talk of crypto town since Elon Musk became The Dogefather. He is the biggest factor behind a meme coin soaring through heights and multiplying in value in such a short time. In the short term, technical analysis works for Dogecoin, but Elon’s tweets are a real game-changer. And so is Doge’s Coinbase Pro listing that sent its pricing soaring over 40% at one point. But it is always better to find entry and exit points based on key support and resistance.

* 4-hour chart analysis as of 11 pm, June 2, 2021

For Dogecoin, the resistance levels to watch out for are:

⦁ $0.52

⦁ $0.45

The support levels to watch out for are:

⦁ $0.28

⦁ $0.224

For Doge, it is essential to break the current levels ($0.45), or else it could make a Head and Shoulder pattern in the daily timeframe, and that could lead to a solid dump to $0.28 — $0.224. But if broken in the coming weeks, Doge will be unstoppable and possibly break its ATH ($0.732) and go into price discovery mode. The key psychological level to look out for can be as high as $0.9-$1.

Of course, all of this also depends on Bitcoin’s movements, which will dictate how alts behave. Bitcoin has been forming a symmetrical triangle pattern over the past few days and it remains to be seen which side it’ll break out into. This may be the overriding factor determining Dogecoin’s fortunes.

By Analytics Team, Giottus Crypto Exchange India's Top-Rated Cryptocurrency Exchange