Dogecoin Price Analysis: DOGE battles key hurdles above $0.05 on Eion Musk’s tweets


  • DOGE bulls struggle to overcome three-week-old resistance line, 21-day SMA.
  • Eion Musk tweets, “Dojo 4 Doge”, raise doubts over BTC, ETH.
  • Bearish MACD favors further consolidation of gains towards the key Fibonacci retracement levels.
  • Bulls can eye $0.1000 beyond immediate resistance breakout.

Dogecoin retraces the initial spike to 0.0597 while easing to 0.0560 during the early Monday. Even so, the cryptocurrency pair stays near the key resistances on Tesla's owner’s optimism for DOGE.

In contrast to Musk’s favor for the Dogecoin, the world’s second-richest man admits that bitcoin and ethereum 'seem high'.

While the market reaction on the BTC/USD and the ETH/USD has been mild, the DOGE/USD jumped from 0.0544 to 0.0597 following the tweets.

Even so, the Dogecoin bulls need to cross a descending resistance line from February 07 and 21-day SMA, near 0.0585-90, to gain the market’s confidence in witnessing the 0.1000 threshold.

Alternatively, 50% and 61.8% Fibonacci retracement of late January run-up, respectively around 0.0470 and 0.0375, will be the key to stop the DOGE/USD bears ahead of 50-day SMA, at 0.0317 now.

Overall, DOGE/USD is up for consolidating the wild gained marked a few weeks back. However, bulls shouldn’t be disappointed as fundamentals favor the coin.

DOGE/USD daily chart

Trend: Pullback expected

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano Price Prediction: ADA bound for another 30% crash

Cardano (ADA) price action is not seeing the turn in sentiment that was expected with the start of a new trading week. Geopolitical talks are ramping up again this Monday regarding Russia, and investors are awaiting details of monetary tightening by the FED later this week, making investors an absent party in the cryptocurrency market for the first few days of the week. 

More Cardano News

Experts blame OpenSea and NFT issuers for Ethereum price crash

Ethereum’s recent drop in price was fueled by increasing inflows of the altcoin to cryptocurrency exchanges. Experts have blamed direct transfers from NFT marketplace OpenSea for the fall in Ethereum’s price. 

More Ethereum News

Axie Infinity price set to dip lower as AXS bulls disappear

Axie Infinity price has dropped below a crucial support level, converting it into a resistance barrier. From here on, any minor uptrend is likely to face rejection at the barrier, leading to a sharp correction.

More Axie Infinity News

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: Crypto carnage continues to unfold

Bitcoin price has witnessed a massive crash over the past week, undoing the gains seen since July 25. Ethereum, Ripple and other altcoins have followed suit, experiencing an even worse crash. 

More Bitcoin News

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP