Dogecoin Price Analysis: Bulls Coming back To The Party

Dogecoin Price Preparing For Taking Off From 50% Retracement Level
  • After Elon Musk announced accepting Dogecoin as the payment mode for Tesla, which surged Doge price by 150%
  • The rally was followed by a hiatus which led to a formation of flag and pole pattern
  • A successful breakout may ascend the doge price by 90% from current levels

Doge price took a breather after the Elon Musk rally, which made a flag and pole pattern. The coin shows some new buying which is likely to give a breakout from the pattern, bringing a possible rally of 90%. The market cap and 24- hour volume are $6,528,541,680 and $3,322,140,037 respectively. 

DogeCoin Price Preparing For Taking Off From 50% Retracement Level

Doge price has tested the 50% Fibonacci level in the last two sessions and has made a bullish spinning top candle. The decline saw the formation of multiple small bearish candles that indicates a partial profit booking and not exit of bulls. 

- Advertisement -

The price is below 20EMA and 50EMA, which have given a bearish crossover but didn’t bring significant selling pressure in the script. The 20 EMA and 50EMA are potential resistance at $0.06 and $0.06. 

The coin is hovering in the Bollinger band’s negative territory but has taken support above the lower band, indicating a possible reversal in trend. The resistance is expected at $0.06(10EMA) and $0.078(Upper band) while the support has been tested at $0.045(lower band). 

The RSI is 53 and points towards consolidation or bull rally; the downward trend has been halted due to the fresh buying. The support of the indicator is at 50 and 40-43. The resistance could be at 70, 80 and 95. 

The MACD(8,21,5) has made a positive divergence as the signal line has stopped declining and is drifting towards the slow line, for a possible bullish crossover.

Conclusion – 

Dogecoin has made a lag and pole pattern and signalled a possible breakout in the form of a spinning top. The coin may surge by 90% if the pattern is successful. 

Support: $0.047 and $0.038(50% and 38.2% Fibonacci Level) 

Resistance: $0.0623-$0.065(10EMA, 20EMA and 50EMA); $0.056, $0.069 and $0.089(Fibonacci Levels) as well as $0.08(Upper BB) 

Join The Coin Republic’s Telegram Channel for more information related to CRYPTOCURRENCY NEWS and predication.

How useful was this post?

Click on a thumb to rate it!

We are sorry that this post was not useful for you!

Let us improve this post!

Tell us how we can improve this post?

Download our App for getting faster updates at your fingertips.

Kartik Dhankani
Kartik Dhankani is a BAF Student based out of India and a stock market trader and Financial Analyst. He seeks to diversify his reach to different investment alternatives and analyse them using his knowledge for fundamental and technical analysis

Similar Articles



Please enter your comment!
Please enter your name here

We Recommend

Top Rated Trading Platforms

Top Rated Cryptocurrency Exchange