Take a look at this chart, $DOGE . The bulls are basically out of hope.
Look at the data: the long/short ratio is just 20.94%! 880 shorts are crushing 300 longs. The shorts are making a killing (8.3 million U), while the longs are stubbornly holding at an average price of 0.09 and are down 5.4 million.
Look at the chart: the daily and 4-hour charts both show a bearish moving-average setup, with the averages overhead. The key point is that there’s barely any volume on rebounds, and buying pressure is extremely weak.
Price outlook: the broader trend is definitely downward, but shorts are overcrowded and the RSI is oversold. Don’t chase shorts at the current price—you could easily get caught in a market maker’s rebound and shakeout.
Trading strategy: patiently wait for a rebound to around 0.074 - 0.076, then go short. Set your stop at 0.08. Aim for a break below the previous low of 0.070. $DOGE
Look at the data: the long/short ratio is just 20.94%! 880 shorts are crushing 300 longs. The shorts are making a killing (8.3 million U), while the longs are stubbornly holding at an average price of 0.09 and are down 5.4 million.
Look at the chart: the daily and 4-hour charts both show a bearish moving-average setup, with the averages overhead. The key point is that there’s barely any volume on rebounds, and buying pressure is extremely weak.
Price outlook: the broader trend is definitely downward, but shorts are overcrowded and the RSI is oversold. Don’t chase shorts at the current price—you could easily get caught in a market maker’s rebound and shakeout.
Trading strategy: patiently wait for a rebound to around 0.074 - 0.076, then go short. Set your stop at 0.08. Aim for a break below the previous low of 0.070. $DOGE
