Cryptocurrency Analysis

[IFX_Selena]

Dogecoin loses 50%

Hello, dear traders! Here is my trading idea for Dogecoin



Yesterday, Dogecoin lost 50%.

The fall in the value of the digital coin became the culmination of the 4-day downward trend that ended with a major crash yesterday.



Notably, Dogecoin was not the only cryptocurrency to plunge yesterday.

Bitcoin lost $10,000 for a day, marking one of its record falls. The price collapsed after Elon Musk's announcement that Tesla halts purchases of its electric vehicles with BTC due to rapidly increasing use of fossil fuels for bitcoin mining.



Our task is to make money. In this case, we should buy the instrument that tumbled the most, and this is Dogecoin. The token currently costs some 50% of its value. Entering long positions in the 0.4 zone with a 0.1% risk, a Take Profit can be set at 0.8, which is 100% of the investment (see the chart above).

Have a nice trading day!




Andrey Shevchenko
Analytical expert
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