$DOGE This market action today has been so sluggish it’s making me want to doze off.
It opened at 0.07688 and is now at 0.07677, basically hovering around the opening price all day. The 24-hour high and low are 0.078 and 0.0759, a 2.77% range. It closed down around 1.4 points, after dropping just 0.97% over the whole day yesterday. The two-day loss combined wouldn’t even sting as much as the fee on one of my old trades. I’ve been watching this for ages and my mind’s started to wander.
The location can be summed up in one sentence: the current price is at 41% of the 24-hour range, right in the middle on the 15-minute chart, about equally far from either end. It feels too expensive to buy and too low to short. The only takeaway from a position like this is: don’t rush.
The question I most want answered is still the same: is money coming in? The trading volume is a little over 220 million, which sounds substantial, but volume is flat, not picking up. There have been two consecutive green candles on the 15-minute chart, but neither had any volume behind it—like hearing someone come upstairs at night, opening the door, and finding nobody there. The funding rate is 0.002%, practically zero. Neither bulls nor bears are willing to pay, and nobody wants to make the first move.
When the market looks like this, I usually leave it alone and wait for it to choose a direction.
If I do decide to follow the move, I’m watching just one thing: whether volume actually picks up. The price needs to break out of this 0.0759–0.078 range before it’s worth me getting off my chair. Until then, any moves that look like action are most likely just retail traders spinning their wheels.
A sideways market won’t stay sideways forever, but volume moves first, not price.
It opened at 0.07688 and is now at 0.07677, basically hovering around the opening price all day. The 24-hour high and low are 0.078 and 0.0759, a 2.77% range. It closed down around 1.4 points, after dropping just 0.97% over the whole day yesterday. The two-day loss combined wouldn’t even sting as much as the fee on one of my old trades. I’ve been watching this for ages and my mind’s started to wander.
The location can be summed up in one sentence: the current price is at 41% of the 24-hour range, right in the middle on the 15-minute chart, about equally far from either end. It feels too expensive to buy and too low to short. The only takeaway from a position like this is: don’t rush.
The question I most want answered is still the same: is money coming in? The trading volume is a little over 220 million, which sounds substantial, but volume is flat, not picking up. There have been two consecutive green candles on the 15-minute chart, but neither had any volume behind it—like hearing someone come upstairs at night, opening the door, and finding nobody there. The funding rate is 0.002%, practically zero. Neither bulls nor bears are willing to pay, and nobody wants to make the first move.
When the market looks like this, I usually leave it alone and wait for it to choose a direction.
If I do decide to follow the move, I’m watching just one thing: whether volume actually picks up. The price needs to break out of this 0.0759–0.078 range before it’s worth me getting off my chair. Until then, any moves that look like action are most likely just retail traders spinning their wheels.
A sideways market won’t stay sideways forever, but volume moves first, not price.