Daily Trade Ideas

DOGE/USD Price Analysis and Trade Forecast: Daily Trading Signal

By LonghornFX Technical Analysis
Jun 13, 20231 min
Doge Usd

Daily Price Outlook

  • Dogecoin consolidates between $0.0627 and $0.0610, recovering from a drop to $0.0529.
  • Fibonacci retracement levels at $0.058 and $0.060 have been completed, with $0.06260 as significant resistance.
  • RSI at 50 suggests investor indecision, while MACD indicates a neutral bias. A breakout above $0.0626 could lead to further gains. Support lies at $0.058 or $0.0540.

Dogecoin is currently consolidating between $0.0627 and $0.0610. After dropping to $0.0529, it quickly recovered to trade around $0.06171.

Fibonacci retracement levels at $0.058 and $0.060 have already been completed, and the 50% level at $0.06260 now acts as significant resistance.

The RSI hovers around 50, indicating investor indecision, while the MACD shows a neutral bias. A breakout above $0.0626 could lead to further gains towards $0.0645, $0.067, and $0.0711.

Support is anticipated at $0.058 or $0.0540. The $0.0626 level is crucial, signaling selling pressure below and continuation of the upward trend above it.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Trade Idea

Entry Price – Buy Stop 0.0630

Stop Loss – 0.0596

Take Profit – 0.0674

Risk to Reward – 1: 1.30

Profit & Loss Per Standard Lot = +$44/ -$34

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Dogecoin

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