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
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