Weekly chart view of $DOGEUSD. Historically, DOGE has respected the 200 VWAP really well which could be a great place to start accumulating. The aspect of this trade idea that concerns me is that all other VWAPS and EMA clouds on the weekly are currently above the current price. This means it could be tricky to break out of this downtrend.
Overall, this wedge looks really interesting to me. Very tight, coming up on historically a price supportive 200 VWAP. This could be an explosive play to the upside if something gets it to move.
There's also a gambling play here with regards to Elon taking over Twitter. Perhaps he introduces some sort of Doge + Bitcoin play as part of Twitter. Who knows.
Overall, this wedge looks really interesting to me. Very tight, coming up on historically a price supportive 200 VWAP. This could be an explosive play to the upside if something gets it to move.
There's also a gambling play here with regards to Elon taking over Twitter. Perhaps he introduces some sort of Doge + Bitcoin play as part of Twitter. Who knows.
Comment:
Worth noting that I currently have a position in this. Yes, I sometimes like to gamble :)