Dogecoin (DOGE) is based on the popular “doge” Internet meme and features a Shiba Inu on its logo. The open-source digital currency differs from Bitcoin’s proof-of-work protocol in several ways, one of which is by using Scrypt technology. The altcoin has also a block time of 1 minute, and the total supply is uncapped, which means that there is no limit to the number of Dogecoin that can be mined. Let us look at the technical analysis for DOGE. Past Performance On Jun 23, 2021, DOGE opened at $0.194. It moved and closed at $0.219. The last 24 hours have seen a fall of 0.21% when it has traded between $0.232 and $0.231. DOGE saw a weekly gain of 2.67%. https://ift.tt/3wYTfD6 Day-Ahead and Tomorrow Currently, DOGE is trading at $0.2317. The price has been falling, and the oscillators have been giving a downward trend. Thus, the market can go either way. The MACD line is above zero, indicating a trend that is picking up. MACD is trying to cross above the signal line and remains to be seen that the volumes are giving the price a positive trajectory. Currently, the RSI indicator is at 59%. It faced rejection at 63% and fell to the current level. However, the trading volumes have picked up and the indicator is in a positive direction for DOGE. However, the OBV indicator is making a high peak along with the price also moving in an upward direction. The four-hour chart shows the price to be moving in a positive direction. This can be a good time to buy. In short, the RSI and MACD oscillators have given bearish signals, while the OBV oscillator has given flat signals. Thus, we can say that currently, the overall market momentum is negative. But, we have to wait and watch, if the intermittent price rises are price corrections or indicative of a bearish trend reversal. DOGE Technical Analysis Currently, the price needs to break the first Fibonacci pivot resistance level of $0.245 to stay upwards. However, it is now on a late upward trajectory after having seen a fall from $0.238, the next level to see is to test is the Fibonacci pivot point of $0.221. Thereafter, we have to wait and watch as the price movement is range-bound. The price has tested and broken out of the 23.6% FIB retracement level of $0.225. The OBV indicator along with increasing volumes might show a dip in the next few hours and look at the next levels of $0.245.
The post DOGE Technical Analysis: Price Needs to Break the First Fibonacci Pivot Resistance Level of $0.245 to Stay Upwards appeared first on Cryptoknowmics-Crypto News and Media Platform.
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