Dogecoin has had a sharp rally recently and has moved closer to the coveted $1 mark. We suspect there could be a buying dip there.
Price is Overbought at Resistance. This trading strategy finds assets that are overbought (RSI > 70) and are near a resistance area, which means there’s a high probability that price will get rejected and pull back near-term. Overbought conditions are typically reached when RSI hits 70 or more.
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DOGECOIN Price Target
- Price: $0.3596
- Market Cap: Approximately $50 billion
- 24-Hour Trading Volume: $14.9 billion
- Circulating Supply: 140 billion DOGE
- Total Supply: Unlimited (inflationary model)
Price broke out from Channel Up pattern and has reached $0.44 resistance now for a +200% gain. However, it got overbought (RSI ~ 90) and could pull back on some profit taking near-term.
Now we look for the right entry opportunity in Uptrend. Nearest Fibonacci Retracement levels (possible support) are $0.37 (23.60%), $0.33 (38.20%) and $0.29 (50%).
Weekly Price Analysis
Trend: Short-term trend is Strong Up, Medium-term trend is Strong Up, Long-term trend is Strong Up.
Momentum is Bullish but inflecting. MACD Line is still above MACD Signal Line but momentum may have peaked since MACD Histogram bars are declining, which suggests that momentum could be nearing a downswing. Price is Overbought currently.
Support and Resistance: Nearest Support Zone is $0.18, then $0.126.
Technical Indicators
- Relative Strength Index (RSI):Overbought.
- MACD: Slightly bullish crossover.
- Moving Averages: Trading near the 50-day and 200-day averages.
Latest News
- Lawsuit Dropped: A long-standing lawsuit against Elon Musk, alleging price manipulation of Dogecoin, has been withdrawn.
- Libdogecoin Update: Developers released updates to Libdogecoin, enhancing its functionality for building DOGE-compliant applications.
- Adoption Growth: More companies, including Tesla and AMC Theaters, continue to accept Dogecoin as a payment method.
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