For most of the last week, DOGE was showing a neutral trend. It was consistently trading at $0.0074 till 28th January, 8.30 am IST. Thereafter, it started rising phenomenally. DOGE price surged by more than 800% in the past 24 hours. Now, its market value stands at $7 billion thereby making it the 10th most valuable cryptocurrency in the world. Reasons for the Surge in DOGE Price While the cause of this record surge is unclear, the price surge is primarily attributed to the renewed interest of a Reddit group called SatoshiStreetBets. The other reason is the TikTok post of ‘dogecoin army’ by celebrity Carole Baskin starring in the Netflix film “Tiger King.” https://ift.tt/3adFPsH Expectations Ahead Currently, DOGE is trading at $0.047- above the Fibonacci pivot level of $0.045. So, we can expect the bullish trend to continue, if the price is able to break out of three Fibonacci pivot resistance levels of $0.07, $0.092, and $0.122 respectively. The price had breached the first resistance level for some time. However, price corrections occurred and fell to the current level. The A/D line is rising but prices are falling. This implies that there is buying pressure and soon the prices will be rising again. In short, it indicates an uptrend. Like the A/D line, the OBC line is rising too. There is positive divergence. Falling price is just a part of the price correction process. A downtrend is not imminent. The RSI indicator is currently at 47%. It is peaking near the 50% mark. So a downtrend is possible. The AO indicator is below the zero line. In other words, it is in the negative territory and giving out a ‘sell’ signal. Sell-offs exert downward pressure on prices. However, the AO indicator is slowly moving towards the positive territory. Hence, it is too early to conclude a bearish trend. The MACD and signal lines are in the negative region. So, they are giving signals for going short. A ‘bullish crossover’ by MACD line over the ‘signal line doesn’t help much as both the lines are below the zero line. With price above the Fibonacci pivot level and mixed signals by indicators, it would be safe to say that a downtrend cannot be confirmed till the price falls below the first Fibonacci support level of $0.02. The current price is far above the first support level and hence we can still be positive about the DOGE price movement.
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