✴️ Dogecoin Correction Signal Revealed | Explained In MinutesHow do we know if this is a short-term drop (a retrace) or a long-term drop (a correction)?
➖ One way is to take into consideration the duration of the bullish phase and compare it to past history.
➖ Another way is to look at the proportion of the waves; a parabolic rise will always lead to a strong correction.
➖ An easier way is by looking at the trading volume. Whenever huge volume comes in, we need to pay attention. Dogecoin (DOGEUSDT) produced the highest daily volume session 5-March 2024 since May 2021.
May 2021 is when the orthodox end of the Cryptocurrency bull-market took place, meaning, the start of the bear market. Being more specific to Dogecoin, May 2021 is when the ATH hit.
👉 DOGEUSDT produced the highest bearish volume and now we have very strong bearish action. This tells us that a long-term drop (a correction) is on the way.
Long-term compared to a retrace, not the 'long-term' we use when speaking of market projections.
Prepare for the drop.
Stay safe!
It will get really ugly but it will recover really strong once the correction is gone; months after the halving. (Each trading pair should be considered individually.)
Thank you for reading.
Namaste.
