🔥 DOGE Massively Hyped: Caution Advised
A few days ago I made an analysis on DOGE where I discussed the falling wedge break out. As of now, both bullish targets have been reached, congratulations if you took the trade.
For now, I'm still bullish on DOGE. However, I also recognize that DOGE is severely overbought with a daily RSI above 90 points.
Looking at the historical values of the RSI, a value >90 doesn't necessarily mean that we're going down. However, the market is in a very different state now than it was at the start of last year.
I'm expecting some consolidation to occur over the next few days. My previous target at 0.091 would be an ideal support area for DOGE to bounce off from.
For now, I'm still bullish on DOGE. However, I also recognize that DOGE is severely overbought with a daily RSI above 90 points.
Looking at the historical values of the RSI, a value >90 doesn't necessarily mean that we're going down. However, the market is in a very different state now than it was at the start of last year.
I'm expecting some consolidation to occur over the next few days. My previous target at 0.091 would be an ideal support area for DOGE to bounce off from.
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