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

Daily Price Outlook

• Dogecoin is currently consolidating between the upper limit of $0.0625 and the lower limit around $0.0580. It has rebounded from a low at $0.0529 and is now trading around $0.06171.
• The Relative Strength Index (RSI) is providing mixed signals, oscillating above and below the 50 level.
• Dogecoin breaks above the $0.0626 level, it could potentially reach the 61.8% Fibonacci retracement level at $0.0645, with further targets at $0.067 and $0.0711.

Dogecoin is currently in a consolidation phase, dancing between the upper limit of $0.0625 and the lower limit around $0.0580. After briefly hitting a low at $0.0529, it bounced back and is now grooving around $0.06171.

The coin has already completed the 23.6% and 38.2% Fibonacci retracement levels at $0.058 and $0.060, respectively. Recently, it encountered a resistance level at $0.06260, aligned with the 50% Fibonacci retracement level.

The Relative Strength Index (RSI) is sending mixed signals, fluctuating above and below the 50 level, while the Moving Average Convergence Divergence (MACD) indicates a neutral market vibe near the zero level.

If Dogecoin breaks above the $0.0626 level, it may hit the 61.8% Fibonacci retracement level at $0.0645, with potential targets at $0.067 and $0.0711.

On the downside, support is expected around $0.058 or $0.0540. So, keep an eye on the $0.0626 level, as it sets the rhythm for the party, with sellers below and an upward trend above.

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