If we start from the fact that the coin “fell in price” by 80% from the historical maximum, one would think this is an excellent discount, and the correction cycle is over.
But if you start from the low from where this incredible bullish rally began (marked with a green checkmark), then the coin added an incredible 65,000%
This year alone + 15000%
Common sense should tell us that this is a bit expensive ... and it is straightforward for a coin to lose another 80% of its current value.
But if you look at the chart without taking into account all this insane growth, but only from the historical maximum and purely technically, then it turns out, oddly enough, an interesting place to buy.
The current formation resembles an ascending triangle, and in the last couple of weeks, we can even see that our lows and highs are increasing locally, which means the trend is positive. It is issued after the price consolidates above the red line on the chart - it will be a technically interesting buy.
If we buy at current with risks below the previous "low" (red checkmark on the chart) with targets up to the same $ 1 mark, this is x3. With an incredible 1 to 8 ratio.
But why should DOGE cost $ 1? Just because everyone says so?
In total, after such a 65,000% rally, to take some short position looks more attractive, after updating the low (red checkmark on the chart) or a false breakout of the red line (when the price goes above it, but then again we will return below this level)