Course (DOGE): $0.156 (previous day: $0.124)
- Short-term resistances/objectives: $0.174, $0.181, $0.194, $0.212, $0.223, $0.238, $0.264, $0.281, $0.313, $0.353, $0.376
- Short-term supports: $0.151, $0.138, $0.123/$0.119, $0.115, $0.106, $0.086
- Dogecoin’s price soared more than 25 percentage points minutes after Tesla founder Elon Musk’s confirmed takeover on Twitter.
- A possible integration of Dogecoin on the Twitter platform thus receives new impetus.
- As was the case 20 days ago, when the first rumors of a possible entry by the Tesla founder circulated, DOGE price rebounded slightly south at the cross resistance of the 23 Fibonacci retracement and EMA200 (blue).
- At the time of writing, Dogecoin is trading about 10 percentage points below yesterday’s daily high.
- On the downside, Doge price now looks well supported at the $0.151 area. On the upside, bulls need to break through the all-time high of April 6 at $0.181 and thus sustainably overcome the EMA200 and MA200 (green).
Bullish variant (Dogecoin)
- Dogecoin price is currently attempting to stabilize above the first relevant support at $0.151.
- The bulls should now do their utmost to overcome the cross resistance at $0.174 and subsequently also to outperform the MA200 towards the all-time high at $0.180.
- If the buy side manages to break through the resistance at $0.180, a further rise to $0.194 or even a direct march to $0.224 is possible. The 38 Fibonacci retracement is the first relevant price target for the next few trading days.
- In order to sustainably return to bullish territory, investors need to find new resistance at $0.238 and $0.264 in the medium term to unlock additional upside potential.
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New price targets could be targeted
- If $0.264 can also be broken above without a significant price correction, the purple resistance area between $0.281 and $0.313 becomes a medium-term target area. This area should be seen as the maximum price target for the next few weeks of trading. The area between $0.290 and $0.313 represents an insurmountable price hurdle from the current chart view and considering the mixed picture across the crypto market.
- Only when Dogecoin dynamically breaks through the resistance level at $0.313 at the daily closing price will the upside targets at $0.354 and $0.384 be initiated. Here works the so-called “Golden Pocket” of 61 and 65 Fibonacci retracement.
Bearish variant (Dogecoin)
- If the hype around the Twitter takeover dies down in a timely manner and Dogecoin breaks back below the support level at $0.151, a retest of the cross support from the horizontal support and the EMA50 (orange) at 0.138 USD is likely. Here, bulls should initially stabilize DOGE price.
- If there is also an expansion of the broader market correction and Dogecoin also breaks back below $0.138, the focus should be on the support at $0.119. The day before, DOGE price dynamically bounced north on this strong supertrend support and horizontal support.
- If this support level is also abandoned for a long time, the chart picture will darken further and activate the next price target in the area of the year low at $0.106.
Price weakness could extend to current year low
- If the selling pressure persists here and the current low for the year is undermined by the daily closing price, a straight sell to the next support at $0.086 is on the cards.
- If price weakness plays out in the medium term, Dogecoin could even fall back to the April 2021 breakout level of $0.063. For now, this support zone should be seen as the maximum corrective level for the next few weeks of trading.
- Looking at the RSI and MACD indicators, the bullish scenario is preferable at the moment. Both indicators generated buy signals from yesterday’s price rally.
- Both indicators are also showing slight buy signals in the weekly chart, which reinforces the positive outlook for the next few weeks of trading.
Disclaimer: The price estimates presented on this page do not represent buy or sell recommendations, but merely an analyst’s assessment.
The images in the chart were created using TradingView created.
USD/EUR exchange rate at time of writing: 0.93 EUR.
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