Share:
  • Dogecoin Coin price breaks out above the falling trendline on the 30-minute chart.
  • Tesla’s CEO Elon Musk wants DOGE listed on Coinbase to increase accessibility.
  • A decisive rally above $0.0634 confirms that the rebound from the February lows will continue.

Dogecoin price correction continues, but the downtrend on the 30-minute chart has been broken, and it could rally to $0.064 over the next day.

Dogecoin price not trading like a ‘joke coin’

On the weekend, Elon Musk stated he felt that Dogecoin should be listed on Coinbase and even tweeted he was having a “Doge day afternoon.” The comments stand in stark contrast to Mike Novogratz’s statement that DOGE is one of “these joke coins.”

DOGE price has retraced the rally that followed the bullish comments from Musk, but this is not a bearish development. Instead, it is a sign that the cryptocurrency needs more time to consolidate the before volatility strikes back. 

A rally above $0.582 will raise the odds that Dogecoin price is beginning an ascent to $0.064. In its path is the confluence of the 100 30-minute simple moving average and the .50 retracement level at $.059. To add credibility to the bullish outlook, it is essential that volume immediately increases.

The next significant short-term resistance levels on the 30-minute chart are the .618 and the .786 Fibonacci retracement levels, at $0.06 and $0.062, respectively.

DOGE/USD 30-minute chart

The broken downtrend line currently sits at $0.0565 and is the first price support for any retrace. If Dogecoin price slices below $0.055, it would negate the short-term bullish outlook and project a quick test of $0.053.

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Join Telegram

Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended content


Follow us on Telegram

Stay updated of all the news

Join Telegram

Recommended Content

Editors’ Picks

Two key dates over the SEC request to freeze Binance assets

Two key dates over the SEC request to freeze Binance assets

Crypto exchange Binance must respond to the US Securities Exchange Commission’s (SEC) order to freeze assets tied to its subsidiary Binance.US by June 12, ahead of a court hearing about the case on June 13, according to the D.C. district court schedule.

More Cryptocurrencies News

Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals

Ethereum price declines as Coinbase ETH liquidity staking platform sees mass withdrawals

The US Securities and Exchange Commission’s (SEC) crackdown on Coinbase led to  mass withdrawals of Coinbase wrapped staked Ether (cbETH) since Tuesday, acting as a bearish catalyst for the asset’s price.

More Ethereum News

Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE

Dogecoin Price Prediction: History suggests a potential 30% rally in DOGE

Dogecoin (DOGE) price has been trading within a fixed range over the last six months, taking seasonal leaps as volatility increased. With this accumulation pattern, the king of meme coins could be en route to complete the next bounce cycle.

More Dogecoin News

Axie Infinity price recovery delayed despite investor deposits hitting a five-month high

Axie Infinity price recovery delayed despite investor deposits hitting a five-month high

Axie Infinity price, following the broader market cues, is trending downwards for the moment as the bearishness in the market has grown considerably. Incited with the regulatory crackdown by the SEC, the investors have resorted to offloading their holdings for now.

More Axie Infinity News

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin: BTC targets $30,000 as short-term bias turns bullish

Bitcoin (BTC) price shows a clear sign of the bulls’ victory. After failing to trigger a steep correction, bears look now out of context, at least in the short term, allowing buyers to restart a minor uptrend. 

Read full analysis

BTC

ETH

XRP