The CEO of electric vehicle maker Tesla Inc., Elon Musk, is an ardent lover of cryptocurrencies, with Dogecoin (DOGE) unarguably his favorite. Of more emphasis is Elon Musk’s incessant bullish comments about Dogecoin. The coin was forked out of Litecoin (LTC) back in 2013 to serve as a fun cryptocurrency with very limited real-world use cases. Past Trends The past week has been good for Dogecoin. The DOGE price upswing. The opening price of DOGE on February 3, 2021, was $0.03. The closing price of DOGE on February 9, 2021, was $0.07. In short, the DOGE price has registered a phenomenal growth of approx. 133%. In the last 24 hours, DOGE has been trading between $0.063-$0.081. https://ift.tt/3jMSOGd How Does the DOGE Look Ahead Currently, DOGE is trading at $0.072. It has risen from the opening price of $0.07. The SMA and EMA lines are above the price line. Thus, we can expect some price corrections. There may be a temporary price fall. The EOM and OBC indicators are gradually declining. Hence, the price may start declining as well. However, the A/D line is still rising. So the buying pressures may soon overtake the selling pressures. The market will start rising again after a brief price pullback. The RSI indicator is at 29%. It has fallen below the 30% mark into the ‘oversold’ region. Hence, the selling pressures are high. But, a bullish swing rejection may occur at 30% again. The price will start rising again. Currently, the RSI is giving strong ‘buy’ signals. The MACD and signal lines are negative. So the market momentum is bearish. Moreover, the MACD has crossed down the signal line. Thus, a price pullback looks imminent. The ADX line has fallen continuously since morning. This implies that the bullish trend was weakening. The market was losing its breath as whale distributions were continually increasing. Presently, the ADX line has peaked slightly indicating that the bullish momentum is getting stronger. The AO indicator is negative. This implies ‘sell’ signals. But, the sell signals are getting weaker and the AO indicator might become positive soon. Hence, the bullish trend will resume after a brief price retracement. Currently, DOGE’s price is at the 50% FIB retracement level of $0.072. If it falls below the 38.2% FIB retracement level of $0.07 and further below the 23.6% FIB retracement level of $0.067 by today, then a downtrend has set in. However, if the price goes above the 61.8% FIB retracement level of $0.074, then the upward movement of the price will resume. Presently, the price is above the Fibonacci pivot point of $0.071. But, for a strong bullish trend to sustain the price has to break out of the first Fibonacci pivot resistance level of $0.078. Similarly, for a strong price downswing, the price has to go below the first Fibonacci pivot support level of $0.064. As of now, it is too early to confirm which direction the market will take. But, looking at the historical trends of the past week, the DOGE looks bullish with intermittent price pullbacks.
The post Bullish DOGE Trading Between $0.063-$0.081 appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
