Dogecoin price levitates around 26.5% Fib as court deliberates potency of evidence in Elon Musk $258B case

Dogecoin (DOGE) price has displayed a lack of volatility through the weekend, consolidating within a tight range over the past three days. The subtleness comes amid an ongoing lawsuit against the DOGE founder and Twitter CEO Elon Musk.

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Dogecoin price relaxed as DOGE father faces lawsuit

Dogecoin (DOGE) price remains steady around $0.065, the same range where the price has stagnated since Friday, July 7. Meanwhile, the DOGE camp continues to observe developments in the lawsuit against Elon Musk, who allegedly ran an extortion scheme using the DOGE token.

Evan Spencer, the plaintiff representing the DOGE community, accuses Musk of owning most of the token’s supply, Musk’s legal representatives contest for a dismissal of the case, citing frivolity.

Spencer also called out Musk’s legal representatives for a conflict of interest between Tesla and Dogecoin, acknowledging a selfish loyalty to Musk. According to the Musk camp, however, Spencer is a frivolous attorney with a history of whimsical attempts to delay court procedures.

The ensuing drama has not influenced Dogecoin price, which remains unfazed and consolidating horizontally.  

Dogecoin price forecast as DOGE hovers around the 23.6% Fibonacci

Dogecoin (DOGE) price, currently at $0.065 and recording a daily rise of 0.35%, continues to stall as the new week commences. The flattening Relative Strength Index (RSI) and the Awesome Oscillators (AO) suggest a market where both bulls and bears are sitting on their hands, thus the lack of volatility.

Thankfully, there is the Fibonacci Retracement indicator, which traders can use to place their entry orders, determine stop-loss levels, and even set their price targets. This indicator is famous for indicating price levels where the market tends to retrace part of its move before the continuation of its original direction.

A determination of the 2023 market range for Dogecoin price shows that the meme coin has recorded a peak of $0.104 and a low of $0.053 between April 4 and June 10, respectively. This translates to a price deviation of $0.051.

Notably, the Dogecoin price has remained under the foothold of the 50% Fibonacci Retracement level at $0.080, edging southward as the RSI depicted a market devoid of momentum. As bulls bought the dip, the asset’s market value ascended, but the absence of a catalyst coupled with intense competition from rival meme coins Shiba Inu (SHIB) and Pepe (PEPE) gobbling the bulk of meme coin liquidity boded poorly for DOGE.

Dogecoin price also attempted to recover from the heaviest shortings of 2023, but early profit-taking made the rally short-lived. Based on the chart below, Dogecoin price is levitating around the 23.6% Fibonacci Retracement of the aforementioned market range at $0.065. The price slumped 10% from an intra-day high of $0.072, zoning into the consolidation phase that continues to keep token holders at bay.

Based on this outlook, a return to the 50% Fibonacci Retracement level is likely, or in a highly bullish case, extends a neck north to tag the 62% Fibonacci Retracement level around $0.085.

DOGE/USDT 1-Day Chart

Meanwhile, crypto markets enter a macroeconomic week with the Consumer Price Index (CPI) report expected on Wednesday, July 12. While Bitcoin (BTC) price continues to stall in the $30,200 range, experts predict opportunities for swing trading.

Current CPI is 4% but analysts forecast the reading to come in with a 0.09% drop at 3.1%. FXStreet will bring you a follow-up story on this.