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Trump may have saved DOGE from collapsing to the $0.1416 level. However, today’s session has evaporated a significant portion of yesterday’s gains, so traders should proceed with caution to avoid getting caught up in the hype.
Market sentiment is still heavily depressed as reflected by the Fear and Greed Index while DOGE has not managed to overturn its downtrend yet.
A break above the $0.2900 would be required to fully reverse the token’s downtrend. DOGE was not mentioned among the assets that would be included in the U.S. strategic stockpile. Hence, this announcement could have a limited impact on its price compared to XRP, SOL, or ADA.
For now, the Relative Strength Index (RSI) has sent a buy signal as it crossed above the signal line. Since the oscillator is emerging from oversold territory, DOGE’s upside potential is quite high at this point and the risk-reward ratio is favorable as well.
Using DOGE’s most recent lower low as the stop price and the token’s February 14 lower high as the target, the risk-reward ratio for this trade stands at 1.7 for those who opt to take a long position.
TRUMP Struggles to Clear the $17.5 Level
TRUMP first surged near the $18 level on Thursday but retreated right after multiple failed attempts to climb above this threshold. This area acted as resistance during Sunday’s price action as traders rejected a move above it as well.
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