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Issue 194 – Dogecoin Gearing for One of Its Legendary Moves?

March 30, 2022


Bitcoin remains sideways below $48,000 resistance, but the lack of a pullback could be telling.

We’re also seeing Ethereum break out from some intraday consolidation, but that area just above $3,400 remains critical.

However, today I want to focus on DOGE, which could be getting close to one of its parabolic moves, especially if we see a bullish April for cryptos.

I also provide updates on our USDT.D (Tether dominance) chart and SOL.


Tether Dominance (USDT.D)

Tether dominance continues to churn above that 3.8% support area I’ve discussed for the last few days. That area extends down to 3.7%.

I’m still waiting to see if we get a retest of channel resistance before entertaining longs. Remember that USDT.D is inversely correlated to BTC.

We’ll see if we get it. But even if we don’t, I think trying to long BTC, ETH, etc. while USDT.D is above 3.7% support is risky.

For that reason, I’m going to wait this one out, for now, to see what we get.

Bitcoin (BTCUSDT)

Bitcoin is still hovering below that $48,000 resistance area. It pulled back slightly overnight, but only to $46,400.

It’s unclear as of now if we’re going to get a full retest of the $45,000 area before the next leg up or not.

But as mentioned recently, I’m not interested in looking for fresh longs until USDT.D (above) resets with a test of channel resistance. I’d also like to see BTC at least down to the $46,000 area.

We’ll see.

Ethereum (ETHUSDT)

Ethereum is in a similar situation to Bitcoin. It’s had a heck of a run lately but is still below resistance at $3,400.

And like BTC, I’d like to see ETH a bit lower to justify an entry. I think a pullback to $3,200-$3,250 would be interesting.

Above the $3,400 area is $3,600, which it’s one of the more significant areas for ETH.

Alternatively, a close back below $3,200 would open up the $3,000 support region.

Solana (SOLUSDT)

SOL is up 43% since the breakout I mentioned on March 16th. It’s been an incredibly clean trade so far, with just one minor pause around the $105 key level.

However, Solana is battling some resistance today at around $122. The level served as support last September and resistance this past February.

Get above that on a daily closing basis, and $135 is likely next.

Alternatively, any rotation lower will likely find support near $114.

Dogecoin (DOGEUSDT)

I mentioned a potential DOGE long opportunity when it was breaking out from $0.125 on the 23rd. The next resistance after that was $0.137.

Both of those areas were significant on the way up.

We also got a retest of that long-standing descending trend line two days ago. That level currently comes in at $0.15.

That’s going to be the big one for buyers to break. Clear that on a daily and weekly closing basis, and a move toward $0.168 and the $0.20 area seems likely.

Justin Bennett

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About the Author

I'm Justin Bennett, a currency trader turned crypto enthusiast.

My journey started with stocks in 2002. After limited success, I transitioned to currencies in 2007, which later became a full time trading gig.

The journey continued, and in 2020, I committed to learning about cryptocurrencies. It was love at first sight.

Cryptocademy.com is the culmination of my love for cryptocurrencies, my passion for financial markets, and desire to learn and teach.

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