DOGE Technical Analysis: Price Below the First Fibonacci Pivot Support Level of $0.196, May Cross $0.211

Dogecoin is a meme-cryptocurrency that was invented in 2013 as an instant, fun, and low-cost digital payments system. In the past 12 months, Tesla CEO Elon Musk’s positive outlook on DOGE crypto led to a massive rally in the Dogecoin market. His recent tweet stating that “Dogecoin is money” is expected to positively impact the Dogecoin market, which had plummeted earlier this month. Let us look at the technical analysis for DOGE.

Past Performance

On Jul 20, 2021, DOGE opened at $0.174. On Jul 26, 2021, DOGE closed at $0.204. Thus, in the past week, the DOGE price has increased by roughly 17%. In the last 24 hours, DOGE has traded between $0.195-$0.233.

https://platoblockchain.com/wp-content/uploads/2021/07/doge-technical-analysis-price-below-the-first-fibonacci-pivot-support-level-of-0-196-may-cross-0-211.png

Day-Ahead and Tomorrow

Currently, DOGE is trading at $0.197. The price has decreased from the day’s opening price of $0.204. Thus, the market seems bearish.

The MACD and signal lines are turning positive. Moreover, a bullish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is turning bullish. Hence, we can expect the price to start rising.

Currently, the RSI indicator is at 54%. It faced rejection at 47% and rose to the current level. Hence, buying pressures are mounting. High buying activity will exert upward pressure on the DOGE price.

However, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. Hence, the price may fall further.

In short, the MACD and RSI indicators have given positive signals, while the OBV indicator has given negative signals. Thus, we have to wait and watch if the bearish trend continues or a trend reversal occurs.

DOGE Technical Analysis

Currently, the price is below the first Fibonacci pivot support level of $0.196. The price may soon surpass it and further rise above the Fibonacci pivot point of $0.211. After that, we have to wait and watch if the price increases further or decreases again.

The price may soon test and breach the 23.6% FIB retracement level of $0.204. It may further break out of the 38.2% FIB retracement level of $0.209 as well. If by day end, the price retests and falls below these levels, the bearish market momentum is strong enough to sustain till tomorrow.