Dogecoin is a meme-cryptocurrency that was invented in 2013 as an instant, fun, and low-cost digital payment system. In the past couple of days, the Dogecoin frenzy led to the crashing of trading app Robinhood and crypto exchange WazirX. In the last 12 months, Tesla CEO Elon Musk’s positive outlook on DOGE crypto has led to a massive rally in the Dogecoin market. The following DOGE technical analysis will predict price trends for the next two days:
On April 28, 2021, DOGE started trading at $0.27. As of May 4, 2021, DOGE closed at $0.54. Thus, over the past week, the DOGE price has doubled. In the last 24 hours, DOGE is trading between $0.53-$0.65.
Day-Ahead and Tomorrow
Currently, DOGE is trading at $0.63. It has increased from the day’s open price of $0.54. Thus, the market seems to be uptick.
The MACD and signal lines are bullish. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Hence, the overall market momentum is bullish. The price is likely to go up further.
Currently, the RSI indicator is at 71% in the ‘overbought’ region. Thus, buying pressures are very high. Hence, the RSI indicator is giving further credence to the bullish price trend indicated by the MACD oscillator.
Besides, the OBV indicator is upward sloping. Hence, buying volumes are higher than selling volumes. High buying activity will exert upward pressure on the DOGE price. Thus, all three oscillators are pointing towards a price uptrend.
DOGE Technical Analysis
In new technical analysis, currently, the price is above the second Fibonacci pivot resistance level of $0.63. It will soon break out of the third resistance level of $0.68 as well.
The price has tested and broken out of the 23.6% FIB retracement level of $0.61. It will soon break out of the 23.6% FIB extension level of $0.68. Thus, the market is strongly bullish and the price upswing is expected to continue tomorrow as well.