DOGE/USDT: Bullish Entry Zones and Profit Booking Levels ?

26 Jul 2023

Introduction:
In this technical analysis, we will explore the potential trading opportunities for DOGE/USDT , by analyzing key support and resistance levels.

1. Buying Area - 7400 to 7600 Levels:
Currently, DOGE/USDT can correct upto 7400 to 7600 levels.
Traders looking to enter a long position can consider this zone as a favorable buying opportunity. As Dogecoin is known for its vibrant community and increasing popularity, this entry position could yield potential gains in the short to medium term.

2. Alternative Buying Area - 6400 to 6500 Levels:
In the event of a Bitcoin dump triggered by the FOMC meeting today, DOGE/USDT may experience increased selling pressure.
Consequently, the price could dip to the 6400 to 6500 levels, presenting an excellent opportunity for long-term investors to accumulate DOGE at a discounted price, making it an attractive area for bag holding and patient long-term investors.

3. Profit Booking Area - 9500 Levels:
As DOGE/USDT exhibits upward momentum, traders should be mindful of potential profit booking opportunities. The 9500 level aligns with a crucial trendline, marking a third re-test, adding strength to its significance as a resistance level. Traders can consider taking profits in this area.

In summary, DOGE/USDT currently offers favorable buying opportunities between the 7400 to 7600 levels, while an alternative entry zone lies within the 6400 to 6500 range, especially if Bitcoin experiences a significant downturn. For profit booking, traders should consider the 9500 level, which also coincides with a critical trendline re-test.