As per technical analysis, Dogecoin is a blockchain network that was launched in 2013 to facilitate instant digital payments sans traditional banking fees. A recent tweet by Elon Musk stating that his company SpaceX will put Dogecoin on the moon has led to a massive surge in the DOGE price in the past couple of days. The tech billionaire has time and again hailed Dogecoin as the future of digital currency. Past Performance On March 26, 2021, DOGE opened at $0.051. As of April 1, 2021, DOGE closed at $0.062. Thus, in the past week, the DOGE price has surged by approximately 22%. In the last 24 hours, DOGE has traded between $0.054-$0.071. https://ift.tt/3ufT0BM Day-Ahead and Tomorrow Currently, DOGE is trading at $0.059. The price has declined from the opening price of $0.062. Thus, the market looks bearish. The A/D indicator has fallen steeply. Thus, whale distributions are higher than whale accumulations. Heavy offloading will exert downward pressure on the DOGE price. Thus, the price is likely to decline further. The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. We can expect the price to drop further. However, since both the lines are very close to the zero line they may turn positive soon. Hence, an impending trend reversal cannot be ruled out. Presently, the RSI indicator is at 42%. It faced rejection at 39% indicating that buying pressures are gradually mounting. Thus, we can expect the price to start rising in some time. DOGE Technical Analysis As per technical analysis, the price has fallen below the Fibonacci pivot point of $0.062. As some of the oscillators are indicating a negative trend, we can expect the price to fall below the first support level of $0.056 in some time. The price has tested and fallen below the 61.8% FIB retracement level of $0.06. By day end, the price may fall below the 138.2% FIB retracement level of $0.047, if the bears remain strong. In that case, the price downtrend will continue tomorrow as well.
The post DOGE Technical Analysis – Price Continue Towards a Downward Trend appeared first on Cryptoknowmics-Crypto News and Media Platform.
from Live Crypto News – Cryptoknowmics-Crypto News and Media Platform
