As per technical analysis, Dogecoin is a blockchain network that was launched in 2013 to facilitate instant digital payments sans traditional banking fees. A recent tweet by Elon Musk stating that his company<a href="https://www.cryptoknowmics.com/news/doge-spikes-after-musk-tweets-spacex-going-to-put-dogecoin-on-literal-moon/"> SpaceX will put Dogecoin o</a>n the moon has led to a massive surge in the DOGE price in the past couple of days. The <a href="https://www.cryptoknowmics.com/news/elon-musk-pumps-dogecoin-again-with-another-tweet/">tech billionaire</a> has time and again hailed Dogecoin as the future of digital currency.
<h2><b>Past Performance</b></h2>
On March 26, 2021, DOGE opened at $0.051. As of April 1, 2021, DOGE closed at $0.062. Thus, in the past week, the DOGE price has surged by approximately 22%. In the last 24 hours, DOGE has traded between $0.054-$0.071.

<img class="alignnone wp-image-192312" src="https://www.cryptoknowmics.com/news/wp-content/uploads/2021/04/DOGE2-300x192.png" alt="" width="747" height="477" />

<a href="https://www.tradingview.com/x/ucaAX3Z7">https://www.tradingview.com/x/ucaAX3Z7</a>
<h2><b>Day-Ahead and Tomorrow</b></h2>
Currently, DOGE is trading at $0.059. The price has declined from the opening price of $0.062. Thus, the market looks bearish.

The <strong>A/D indicator</strong> has fallen steeply. Thus, whale distributions are higher than whale accumulations. Heavy offloading will exert downward pressure on the DOGE price. Thus, the price is likely to decline further.

The <strong>MACD and signal lines</strong> are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. We can expect the price to drop further. However, since both the lines are very close to the zero line they may turn positive soon. Hence, an impending trend reversal cannot be ruled out.

Presently, the <strong>RSI indicator</strong> is at 42%. It faced rejection at 39% indicating that buying pressures are gradually mounting. Thus, we can expect the price to start rising in some time.
<h2><b>DOGE Technical Analysis</b></h2>
As per technical analysis, the price has fallen below the Fibonacci pivot point of $0.062. As some of the oscillators are indicating a negative trend, we can expect the price to fall below the first support level of $0.056 in some time.

The price has tested and fallen below the <strong>61.8% FIB retracement level</strong> of $0.06. By day end, the price may fall below the <strong>138.2% FIB retracement level</strong> of $0.047, if the bears remain strong. In that case, the price downtrend will continue tomorrow as well.

DOGE Technical Analysis - Price Continue Towards a Downward Trend

Ankita is reading geek by birth, she loves to read and write about finance and now cryptocurrencies and blockchain since 2017. A Bitcoin enthusiast ever since, she likes to understand businesses and how they affect everything else. Ankita contributes on our news bulletin with the latest happening in blockchain, crypto and ICO market specifically.

DOGE Technical Analysis - Price Continue Towards a Downward Trend

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