Daily Trade Ideas

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

By LonghornFX Technical Analysis
Jun 15, 20232 min
Doge Usd

Daily Price Outlook

  • Dogecoin is grooving within a range of $0.0625 (upper boundary) and approximately $0.0580 (lower boundary).
  • Technical indicators show a mix of indecision (RSI) and smooth neutrality (MACD).
  • Breakout above $0.0626 could lead to dance moves towards $0.0645, $0.067, and $0.0711, while support is expected at $0.058 and $0.0540.

Dogecoin is currently enjoying a groove in the technical analysis dancefloor, moving to the beat within a range of $0.0625 as the upper boundary and approximately $0.0580 as the lower boundary.

Taking a closer look at the four-hour timeframe, Dogecoin dipped its toes in the oversold zone, hitting a low of $0.0529, but quickly bounced back, now strutting its stuff around $0.06171.

The coin has already showcased its dance moves at the 23.6% and 38.2% Fibonacci retracement levels at $0.058 and $0.060, respectively. It recently twirled around the significant resistance level of $0.06260, which corresponds to the 50% Fibonacci retracement level.

As we groove to the technical indicators, we find the Relative Strength Index (RSI) busting some moves above and below the 50 level, hinting at some indecision among investors. Meanwhile, the Moving Average Convergence Divergence (MACD) is showing off its smooth moves near the zero level, signaling a neutral stance in the market.

When it comes to potential price movements, if Dogecoin breaks out above the $0.0626 level, it could shine a spotlight on the 61.8% Fibonacci retracement level at $0.0645, leading to further dancefloor destinations at $0.067 and $0.0711.

On the downside, support is expected to step up its game around $0.058 or $0.0540. It’s clear that the $0.0626 level has a key role to play, with potential selling pressure below it and the continuation of the upward trend expected above it.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Trade Idea

Entry Price – Sell Below 0.0622

Stop Loss – 0.0678

Take Profit – 0.0547

Risk to Reward – 1: 35

Profit & Loss Per Standard Lot = +$74/ -$56

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Dogecoin

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