Daily Price Outlook

Dogecoin (DOGE) has managed to maintain its bullish momentum and has seen a rise of 2.44%, bringing its current trading value to $0.0655. Although Dogecoin briefly dipped below $0.0650 yesterday, it quickly recovered.

However, the surge in its price can be attributed to various factors, including the positive sentiment in the overall crypto market.

In addition to the general market conditions, the recent movement of Dogecoin from two anonymous wallets, involving massive amounts equivalent to several billion DOGE, has contributed to the ongoing rally of the coin. These significant transactions have certainly impacted the recent surge in Dogecoin’s value.

Dogecoin (DOGE) Sees Surge in Trading Volume and Anonymous Wallet Movements

In the last day, Dogecoin’s trading volume increased by about 20%, reaching $246 million. Two anonymous wallets moved a large amount of Dogecoin, equivalent to several billion coins.

This happened after Robinhood announced an 11% rise in its Dogecoin holdings, now totaling over $2.5 billion. Thus, this recent movement of massive amounts of Dogecoin and the increase in Robinhood’s DOGE holdings have had a notable impact on the cryptocurrency.

As a result, DOGE’s price has seen a modest 2.44% increase, currently trading at $0.0651. The market is closely monitoring these developments to assess their potential implications on Dogecoin’s future performance.

Dogecoin Investors Sue Elon Musk, Demand Disqualification of Lawyers Over Unfair Tactics

On the flip side, some Dogecoin investors have filed a lawsuit against Elon Musk lawyers and are demanding the disqualification of his lawyers. However, investors claim that Musk’s legal team is employing unfair tactics and argue that the case should be handled by independent attorneys.

Hence, the outcome of this lawsuit will have implications not only for Musk but also for the wider cryptocurrency industry, highlighting the importance of accountability and transparency.

Concerns about potential market manipulation stemming from this news could also impact the price of Dogecoin.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Technical Analysis

The current price of Dogecoin is $0.065012, with a 24-hour trading volume of $246,285,781. From a technical standpoint, Dogecoin has found support around the $0.0633 level.

Despite multiple attempts, it has failed to break through the resistance at $0.0700, which is reinforced by a downward trend line.

The 50-day exponential moving average poses a significant obstacle around the $0.0668 levels, and bearish candlestick patterns closing below this moving average suggest a high likelihood of the downtrend continuing.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also support the prevailing bearish sentiment, with both indicators remaining within the cell zone.

If Dogecoin manages to break below the $0.0633 support zone, the next support level can be expected around $0.0600, potentially leading to further declines towards 0.0560 or 0.0540.

On the other hand, a breakout above the $0.0668 level could target $0.0700 or even $0.0735.

In summary, based on technical analysis, Dogecoin is likely to continue its downtrend, with key support and resistance levels playing a crucial role in determining future price movements.

Daily Price Outlook

• Dogecoin is currently priced at $0.065012, with a trading volume of $246,285,781.
• The cryptocurrency has found support around the $0.0633 level but faces resistance at $0.0700, reinforced by a downward trend line.
• A break below the $0.0633 support could lead to further declines towards $0.0600, while a breakout above $0.0668 may target $0.0700 or $0.0735.

The current price of Dogecoin is $0.065012, with a 24-hour trading volume of $246,285,781. From a technical standpoint, Dogecoin has found support around the $0.0633 level.

Despite multiple attempts, it has failed to break through the resistance at $0.0700, which is reinforced by a downward trend line.

The 50-day exponential moving average poses a significant obstacle around the $0.0668 levels, and bearish candlestick patterns closing below this moving average suggest a high likelihood of the downtrend continuing.

The Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicators also support the prevailing bearish sentiment, with both indicators remaining within the cell zone.

If Dogecoin manages to break below the $0.0633 support zone, the next support level can be expected around $0.0600, potentially leading to further declines towards 0.0560 or 0.0540.

On the other hand, a breakout above the $0.0668 level could target $0.0700 or even $0.0735.

In summary, based on technical analysis, Dogecoin is likely to continue its downtrend, with key support and resistance levels playing a crucial role in determining future price movements.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Trade Idea

Entry Price – Buy Above 0.0634 Take Profit – 0.0683 Stop Loss – 0.0588 Risk to Reward – 1: 1 Profit & Loss Per Standard Lot = +$490/ -$460

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

Daily Price Outlook

DOGE, the popular meme-based cryptocurrency, has been facing a downward trend, hitting its lowest point since June 2022 at $0.0623 per DOGE. If the current bearish market conditions persist, DOGE’s price could face a significant test.

Investors are closely monitoring the critical support level at $0.048, which represents the lower boundary of the current price range that DOGE has been trading within. A breach of this crucial level would bring DOGE to its lowest point in two years. Interestingly, there are mixed expectations for DOGE’s future trajectory.

While a further decline seems possible given the ongoing downward trend, it is also expected that the market may witness a rebound followed by a sharp crash, which is characteristic of the volatile nature of the crypto market.

These upcoming weeks will be crucial for DOGE holders and could determine the cryptocurrency’s direction.

In a recent Twitter thread, Glassnode co-founders Yann Allemann and Jan Happel, under the account name Negentropic, pointed out an intriguing relationship between the Nasdaq-100 index (NDX) and Bitcoin (BTC).

Historical data suggests that when the NDX experiences a slowdown, as is currently the case, cryptocurrencies tend to thrive, indicating a rotation of investments into higher-risk assets.

Crypto analyst Chris Burniske, formerly of ARK Invest, supported this observation and elaborated on the potential sequence of high-risk asset rotation.

He suggested that the movement could involve a shift from NDX to Bitcoin, Ethereum (ETH), Solana (SOL), Dogecoin (DOGE), and eventually non-fungible tokens (NFTs).

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Technical Analysis

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.

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

Daily Price Outlook

Dogecoin is 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.

Looking closer 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.

Dogecoin experienced a decline over the weekend as the price of Bitcoin dropped to $28,500. Despite hopes of a market recovery at the beginning of June, the situation has become increasingly challenging for investors. Nevertheless, Dogecoin holders remain resilient in the face of adversity.

The price of Dogecoin reached a new low for 2023 on June 10, plummeting by 10% in 24 hours to $0.0618. Over the next 48 hours, the cryptocurrency continued to decline and is currently trading at $0.0612. If the downward trend persists, Dogecoin could reach its lowest point since September 2022.

Despite the bearish market conditions, Dogecoin investors have displayed remarkable growth in Q3 2023, with nearly 110,000 new addresses added in the past month. This brings the total number of DOGE holders to 4.65 million.

Investors in the crypto market see this downturn as an opportunity to accumulate supply, resulting in a lack of fear reflected in the Crypto Fear and Greed Index. The index indicates a neutral sentiment, recovering from previous fears.

However, there is a possibility that Dogecoin investors may also withdraw soon due to the prevailing bearish market sentiment. The weighted sentiment for Dogecoin is historically high, indicating pessimism among investors.

DOGE/USD Price Chart - Source: Tradingview

DOGE/USD - Technical Analysis

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.

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

Daily Price Outlook

Dogecoin (DOGE) coin has succeeded to extend its bullish rally and remained well bid around above $0.062067 level. Dogecoin’s current price is $0.062067, with a 24-hour trading volume of $173,787,213.

Dogecoin has increased by more than 1.39% in the previous 24 hours.

However, the recent upward movement in Dogecoin can be attributed to various factors, including a positive sentiment in the overall cryptocurrency market, a weakening US dollar, and anticipation surrounding the upcoming interest rate decision by the US Federal Reserve, which is scheduled for tomorrow.

It is noteworthy that the global cryptocurrency market cap currently stands at $1.06 trillion, showing a 1.38 percent increase in value over the past day. Furthermore, the total trading volume in the crypto market reached $29.08 billion in the last 24 hours, indicating a significant 9.38 percent increase.

Positive Momentum in Cryptocurrency Market Boosts Dogecoin Price The global cryptocurrency market has been on an upward trajectory, witnessing growth in market capitalization and trading volume.

However, the rise in market cap indicates a higher overall value of cryptocurrencies, while the surge in trading volume reflects increased market activity and investor engagement.

As a result, the positive momentum in the cryptocurrency market has significantly influenced the price of Dogecoin, contributing to its upward movement.

Influencer Glauber Contessoto Shares Thoughts on Dogecoin and Price Considerations

Cryptocurrency influencer Glauber Contessoto, famous for his success with Dogecoin, recently shared his thoughts on buying more of the popular meme-based cryptocurrency. He stated that he would consider purchasing more Dogecoin if its price dropped below $0.06.

At the time of writing, Dogecoin is trading at $0.061879, showing a 14.08% decrease in value over the past week but a 1.68% increase in the last 24 hours. Contessoto, who became a millionaire through Dogecoin, confirmed that he still holds the coin.

Although the decline in DOGE’s value impacted his millionaire status, he has diversified his investment portfolio to include other cryptocurrencies like ADA and FLOKI.

Therefore, contessoto’s success with Dogecoin and his willingness to consider buying more if the price drops below $0.06 may generate some interest and potentially influence sentiment among his followers.

DOGE/USD Price Chart – Source: Tradingview

DOGE/USD – Technical Analysis

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.

Daily Price Outlook

DOGE/USD is currently trading over 25% higher at 0.097920. This surge in value occurred after Elon Musk changed the Twitter web logo to a Shiba Inu, which resulted in a significant increase in the value of Dogecoin.

Twitter's New Logo Results in Rise of Dogecoin

On Monday, Twitter users were greeted with an unusual sight - the blue bird logo that had been there previously was nowhere to be seen. Elon Musk, the most vocal advocate of Dogecoin, changed the bird logo on his company's website to a picture of a Shiba Inu, the dog that represents the meme token Dogecoin.

This platform-wide symbol update is visible to the approximately 360 million monthly active users and visitors of the social media giant. Shortly after the change, the CEO of Twitter and Tesla posted a meme that appeared to suggest the adjustment would remain for some time.

Additionally, Dogecoin's value increased dramatically after the modification, pushing its price to over $0.10 for the first time in several months. The volatile cryptocurrency surged by more than 30% in just 30 minutes.

Some users speculated that it might have been an April Fool's joke that the company couldn't implement on time for April 1st. However, the conversation with the moderator of the popular r/WallStreetBets subreddit on Twitter played a role in the change.

https://twitter.com/elonmusk/status/1642976364080041984?cxt=HHwWgMDUtYuTg80tAAAA

Furthermore, this change occurred shortly after Elon Musk asked a US court to dismiss a $258 billion lawsuit filed against him by Dogecoin investors who accused him of operating a pyramid scheme.

Elon Musk's Lawyers Seek Dismissal of $258 Billion Dogecoin Lawsuit

Elon Musk is now facing a $258 billion racketeering lawsuit filed by cryptocurrency investors who accused him of intentionally driving up the price of Dogecoin.

The plaintiffs in the US lawsuit claim that Mr. Musk's social media activity and his appearance on Saturday Night Live resulted in a surge of over 36,000% in the price of Dogecoin, which he then allowed to drop.

The complaint alleges that Mr. Musk leveraged his position as the world's wealthiest man to operate and manipulate the Dogecoin Pyramid Scheme.

On Friday, Mr. Musk's lawyers urged a US judge to dismiss the $258 billion fraud lawsuit, stating that humorous pictures and words of encouragement on Twitter do not constitute fraud.

Dogecoin Intraday Technical Levels

Support      Resistance

0.080134      0.107994

0.064237      0.119957

0.052274      0.135854

Pivot Point:  0.092097

Dogecoin – Technical Outlook

From a technical perspective, the DOGE/USD pair has surpassed a triple top resistance level at $0.1000, and a breakout from an ascending triangle pattern might propel DOGE towards the $0.1200 level.

Typically, a breakout from an ascending triangle pattern indicates a continuation of an upward trend. If DOGE continues to hold above $0.0850 level, Dogecoin's price could aim for the $0.120 level.

Conversely, support is present at the $0.0850 level, and a bearish breakout from this point may drive Dogecoin toward the $0.0718 mark.

For more market insights, visit LonghornFX.

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