In new technical analysis, Dogecoin is a meme cryptocoin that was launched in 2013. In the past few months, the craze for digital currencies has driven the rise of Dogecoin from a joke currency to cryptocurrency with a market capitalization of $50 billion. The confidence of influential celebs like Elon Musk and Mark Cuban have worked positively for the DOGE price.
On April 10, 2021, DOGE started trading at $0.061. As of April 16, 2021, the closing price of DOGE was $0.365. Thus, in the past week, the DOGE price skyrocketed by approximately 500%. In the last 24 hours, DOGE has traded between $0.334-$0.381.
Day-ahead and tomorrow
Currently, DOGE is trading at $0.358. The price has decreased from the opening price of $0.365. Thus, the market seems bearish.
The MACD and signal lines are positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is positive. Hence, we can expect the DOGE price to go up.
The OBV indicator has fallen steeply. This implies that selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the DOGE price. Thus, the price will go down further.
The RSI indicator faced rejection at 65% and is currently at 56%. Thus, selling pressures are slowly building. As selling activity increases the DOGE price will be pushed downwards. Therefore, we can expect the price to dip further.
DOGE Technical Analysis
The technical analysis clearly shows that price has fallen below the Fibonacci pivot point of $0.359. As the oscillators have pointed towards a price fall, we can expect the price to soon fall below the first support level of $0.341.
The price is soon likely to test and fall below 38.2% FIB retracement level of $0.351. At some time, the price may fall below the 23.6% FIB retracement level of $0.345 as well. Thus, as of now, the downturn forces seem to be building up.
Although the price has been rising for the past few days, there seems to be a short downturn in price which we might see today and tomorrow.