Sheldon McIntyre, CMT
FXStreet
- 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.
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