In new DOGE technical analysis, Dogecoin is a meme cryptocurrency launched in 2013. In the recent past, Elon Musk – CEO of Tesla and SpaceX, has often expressed a positive outlook over the future of DOGE on various social media channels. His latest tweet says that DOGE price is all set to reach the moon. Such positivity from an influential person has led to a surge in the DOGE price in the past few months.
On April 5, 2021, DOGE started trading at $0.057. As of April 11, 2021, the closing price of DOGE was $0.074. Thus, in the past week, the price of DOGE has surged by roughly 30%. In the last 24 hours, DOGE has traded between $0.072 – $0.075.
Day-Ahead and Tomorrow
Currently, DOGE is trading at $0.073. The price has decreased from the opening price of $0.074. Thus, the market looks bearish.
The MACD and signal lines are positive. A bullish crossover by the MACD line over the signal line has occurred too. Thus, the overall market momentum is positive and we can expect the price to go up.
The OBV indicator is falling. Thus, selling volumes are higher than buying volumes. Heavy offloading activity will exert downward pressure on the DOGE price. However, for the past few minutes, the OBV is gradually rising. Hence, we can expect the price to go down further before rising.
Currently, the RSI indicator is at 49%. It faced rejection at 60% and fell to this level. Thus, selling pressures are high and we can expect a further price drop.
DOGE Technical Analysis
As per DOGE technical analysis, price has fallen below the Fibonacci pivot point of $0.073. It is soon likely to fall below the first support level of $0.072. If the downturn continues, by day close, we can expect the price to fall below the subsequent support levels of $0.071 and $0.07 respectively.
The price has tested and fallen below 23.6% FIB retracement level of $0.0727. If the price retests and breaks out of this level in some time, then we can be assured that a trend reversal has occurred. Else, the price downswing is expected to continue tomorrow as well.