• 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.

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

Bitcoin and altcoins correct before another run-up

Bitcoin price retested the range high during its recent exponential upswing and the altcoins followed suit. However, this uptrend is running out of steam and is retracing as investors continue to book profits.

More Bitcoin News

Dogecoin anticipates 20% drop in favor of bears

Dogecoin price has appeared to have shown a technical pattern that suggests a bearish forecast, with a target of nearly 20% in favor of the bears. DOGE is little room to move on the upside, with a great deal of resistances obstructing any bullish momentum. 

More Dogecoin News

What is Ethereum EIP-1559 and how will it affect ETH price?

The second-largest blockchain network in the world, Ethereum, is expecting to witness its London hard fork on August 4 that would change the way that transactions are processed. Its native token, Ether, would also see a reduction in supply, which could see a spike in ETH price.

More Ethereum News

Stellar contemplates introducing AMMs as XLM price eyes retest of $0.303

XLM price is consolidating in an uptrend after a sharp upswing ended on July 23. A pullback seems likely before the new leg-up begins. Therefore, investors can expect Stellar to retrace to crucial support levels.

More Stellar Lumens News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP