Dogecoin Could Retest $0.50 Levels if the 50-Day Average Turns into Support
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Dogecoin Could Retest $0.50 Levels if the 50-Day Average Turns into Support

June 3, 2021      Sahaj Sharma

The highly trending meme-coin backed by Elon Musk, Dogecoin could retest $0.50 as it has bounced back from yesterday’s low of $0.31 to make a high of $0.42. With this recent move in the market, DOGE has managed to break past the three crucial resistance levels at $0.32, $0.35, and $0.40.

Dogecoin Bounced off Yesterday’s low, may Retest $0.50

The DOGE/USDT chart prepared by exchanges reveals that the meme-coin is making an attempt to turn the 50-day MA into support at present. 

The crucial moving average also merges with the aforementioned resistance at the level of $0.40 that has now managed to flip into short-term support from dogecoin.

In addition to this, it can be observed from the chart that the daily RSI, MFI, and MACD are all indicating an ongoing market reversal for the meme-coin with the mark of $0.50 being a reasonable target in the days or weeks ahead.

However, it can not be neglected that the recent bounce back from the lows is due to the news that Coinbase Pro is accepting DOGE deposits. The trading for the same will begin on June 3 at 9:00 am Pacific time.

DOGE-1 Launch Expected to Bring Positivity in the Long Term

With respect to the long-term success in the cryptocurrency markets of Dogecoin, the meme-coin could continue disobeying calls for a pullback to a lower level due to the support DOGE receives from the Tesla CEO.

Moreover, Elon Musk recently shared a meme that assisted Dogecoin in broken the earlier mentioned resistance levels to post a local peak of $0.42.

Also, it should be noted that SpaceX is going to launch the DOGE-1 satellite to the moon next year and therefore, on a fundamental level, the event could provide demand for DOGE leading up to the launch of the satellite.

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Sahaj Sharma
Sahaj Sharma

Sahaj is an aspiring journalist with a keen interest in cryptocurrency and the whole concept of Blockchain technology. He is positive about the future potential of Cryptocurrency and Blockchain in shaping the world of finance for good. At present, he is covering the latest developments in the field of the cryptosphere.