Dogecoin Holding On!

[00:00:01]Everybody, Chris here. Dogecoin is holding on. What am I talking about?

[00:00:04]What's going on? We're going to get to that in this video. Please be sure to subscribe to my channel. Hit that little notification bell, too. You can be notified when my videos come out as well as when I do live streams. As I'm recording this, Dogecoin is at 7.2 cents. We did have a drop down to 7.1, and this has now formed a triple bottom, a triple bottom on the Dogecoin chart since June 30th. June 30th when Dogecoin dropped to 6.95, Doge recovered back up almost to 8 cents. These two lines are 7 cents and 8 cents. Since then, that's where Dogecoin has been trading. And now we've got three tests of 7.1. So, buyers are coming in right at that level. So, that's why I say Dogecoin holding on.

[00:00:55]Bitcoin is now at 63,244, and Bitcoin we've been watching in this relief rally for Bitcoin. Bitcoin's actually been going up. So, the Doge BTC trading pair has been going down, and that is since again June 30th when Bitcoin hit 57,495, which is the low of the bear market for Bitcoin. Now, as I've said before and we talk about on my live streams, let me draw uh zoom out here a little bit more. In a bear market, Bitcoin spends more time going up than down, and what we have are these rallies going up and then immediate drops down, rally up, immediate drop down, rally up, immediate drop down, and then this rally here, which goes all the way back from February, was a slow grind up into June before a drop down.

[00:01:51]And then, we have these two more immediate smaller relief rallies with drops. So, Bitcoin has spent more time actually grinding upwards in this bear market.

[00:02:04]And we've seen that in bear markets before.

[00:02:08]Is Bitcoin about to drop out of this relief rally?

[00:02:13]It looks like it's close to happening, and that would be the further capitulation we would have in alts would happen if that comes to pass. So, uh just giving you a framework of what we're looking at in terms of uh in terms of Dogecoin, not the same kind of structure for Doge, because Doge has been testing lows. Overall, today, on this Friday, we do have the Asian markets overnight uh in the overnight in the United States here, Asian markets have all gone down quite a bit.

[00:02:51]And uh so, red uh the United States stock market, I'm recording this before the stock market opens, pre-market already looking very red for US stocks.

[00:03:01]And so, uh it's looking like the the equities market's not going to help us, gold, silver down, etc. Oil is up, uh fighting in Iran continues, like all of that is still going on.

[00:03:14]Uh SpaceX, uh we tried to watch the Starship launch last night during a during live stream, and it was scrubbed at the last second, which is too bad. And we've had SpaceX dump. Now, this is the overall 42% dump SpaceX has had since it was up over $200 here in the middle of June. Who was buying there?

[00:03:37]Uh uh Right. Uh but we did close yesterday at 131, and then we saw live once that Starship test uh launch was scrubbed, the SpaceX stock tanked even more and it was traded down near 124, ended up kind of fizzling around 126 or so. So, down another 4% from the from the close on Thursday. So, that's not good. That's not good. And of course, we know on on IPOs, cuz we've seen it before with Nvidia and others, that the institutions don't start accumulating until the uh the stock price is much lower.

[00:04:24]And I think that's the same thing that's going to happen to SpaceX as well. It's going to continue to go down over time over month We're talking months now.

[00:04:31]It's going to continue and then is going to be the time to buy in for a long haul for SpaceX. That's my opinion.

[00:04:40]Uh we'll see if Elon can turn it around. If anyone can, he can.

[00:04:44]Lot of talk about this crypto market structure legislation called the Clarity Act and woohoo, Clarity Act. And it's like, yeah, right now Kashi Betters are saying about a 36% chance.

[00:04:57]36% chance that this legislation is actually going to become law.

[00:05:03]Uh meanwhile, on Polymarket, it's down to 31% now. It's grinding downwards that this Clarity Act is actually going to get signed into law this year. So, that's not good. Meanwhile, Vivec says, "Look, hey, US House finally just announced a whole hearing on the crypto market structure bill today. It's finally happening." And I'm just like, yeah, well, this is the house, right?

[00:05:27]It would still have to go through the Senate and then you'd have to you have to pass both.

[00:05:34]So, this may not happen. It's another one of these things in crypto, right?

[00:05:38]You wait, you wait, you wait and then this is a big thing going to happen and then it just may not happen. So, onward we go. All right. So, let's get to what we're talking about, Dogecoin uh cuz there's there's really not a lot of other Bitcoin news now. There's still some fears about quantum and all of that out there. Like, what year is quantum going to become a thing? And it's just like, that's not That's not the immediate news right now.

[00:06:01]But, Dogecoin nears a yearly low. It's a brutal drop below below 6.9 coming.

[00:06:08]Uh so, Doge remains under pressure on Friday.

[00:06:11]Uh negative funding rates, falling long-to-short ratio suggests a further price dip. There's just not a lot of There's There's There's just not a lot of long leverage traders left in Dogecoin. I mean, they're still chasing others, and they continue to get flushed out. We look at CoinGlass and those uh uh those leverage liquidations as they happen.

[00:06:34]Uh a break below 69 could send Dogecoin down to uh the next support level at 65. So, uh so So, what is this? So, uh this FXStreet article shows it a little better a little better weakening derivatives market. So, the long-to-short ratio reads 7.5. So, it's been a while since we've had more longs than shorts. Right now, there's more shorting going on.

[00:07:04]Because uh the betters, the gamblers, are predicting Dogecoin is still going to go lower.

[00:07:12]You would think, "Oh, all these shorts, they're ready to just drive the price up and let's take out all those shorts." Well, that's easier said than done. It takes the market makers a lot more uh to get the price to go up than down. It's easier to drop the price for them.

[00:07:29]And you need retail along to help push the price up. And right now, uh that is not That's not happening on Dogecoin.

[00:07:37]The funding rates flipped negative, reading -0.0004% on Friday, further supporting bearish sentiment. And then on the ETF front, we don't have ETF buyers coming in. We actually had one sale here early in July.

[00:07:52]Um so somebody was actually selling some ETFs on Doge.

[00:07:58]So again, and as I said on the ETF front, Dogecoin isn't going to start really popping on ETFs until we see us back in a bull market. So still got a ways of the summer to go. Dogecoin trades at 7.1 cents on Friday, keeping a clear bearish near-term bias. Price holds below the 50-day, 100-day, 200-day EMAs.

[00:08:24]So um and those are all up in the eights or 10s for the 200-day. So that's all we're we're way below we're way below all those moving averages here.

[00:08:35]Uh so you we can't even rely on those right now.

[00:08:39]Um to to help us if you're into that kind of thing.

[00:08:43]Uh and meanwhile the MACD is MACD has just flattened out. There's no real movement here. It goes red, green, red, green, just kind of flattening out here.

[00:08:54]So there's no real move on the MACD as well. Again, it's the summertime.

[00:08:58]We're just trading again for almost a month now between 7 and 8 cents and it's just flattened out. So uh so on the top side, initial resistance seen at horizontal barrier at 7.9 cents, uh followed by the 50-day EMA at 8.1. On the downside, the yearly low at 6.9 provides immediate support. So that would be in the next dip right below 7 cents. We probably get to 695 again, something like that. And then we would see some buyers come in and recover if there's enough negative pressure bringing the price down.

[00:09:32]But then after that, if we close below 6.9, suggest deeper losses toward a key psychological level of 6.5. And I don't know about that being so much a psychological level.

[00:09:44]I do have in in my longer term outlook here for Dogecoin that this yellow box down here is where we may end up.

[00:09:56]And we could see and this is a this is a daily chart now Dogecoin looking weak here.

[00:10:02]That this would be the area we could drop into and 6 cents is the bottom of this box here. So we're watching this closely join in on my live streams every Monday, Wednesday and sometimes Friday. I'm not doing a Friday live stream this week.

[00:10:19]So join in there.

[00:10:21]We'll keep up to date not only on Dogecoin, but we look at Bitcoin too and we track all the Bitcoin movements because it does have an effect on Doge.

[00:10:31]And during our live streams we look at other meme coins, meme tokens, other cryptos, talk about finances and all of those things as well. So make sure that you subscribe, you got your notifications on, leave a comment below.

[00:10:44]What do you think about Dogecoin holding on here? Do you think these levels are going to hold?

[00:10:50]Or do you think we are going to go lower during this bear market as well? I give the video a like if you haven't already, please subscribe to my channel. I appreciate the support. We'll see you next time.

[00:11:08]>> [music] [music] [music] [music] [music] [music] [music] >> Mhm.