The DOGE cryptocurrency is often in our altcoin news and rumors, mostly because of the praises from the tech entrepreneur Elon Musk, for whom this is one of the most interesting topics. At the time of writing this post, Dogecoin maintains a bullish momentum and was seen deviating from a subtle uptrend drawn at $0.00180.
The price of Dogecoin (DOGE) remains around the same price zone after retracting below the $0.0018 support over the past weekend. The current momentum has helped the currency retain support from the 50-day daily MA, while it lacks support from the 200-day MA.
As Dogecoin maintains the bullish momentum, the price of DOGE is believed to have a concurrent motion with Bitcoin. Therefore, when the most dominant coin in the crypto world experienced an intermittent dip around $5,800, the major altcoins were blown, too. However, the price of Dogecoin has readily gained above $0.0018 with a bullish streak on the first day of the week, showing an independent sentiment.
The Dogecoin news also indicate that the DOGE/USD pair is trending, even though the coin fell back to the previous week’s price zone after retracing its weekly support below $0.0017 and $0.00167. The coin has made a notable recovery but the intraday is manifesting a bearish divergence as the coin has corrected below the intraday high of $0.00186 and currently trades at $0.001804.
While the price of Dogecoin maintais momentum despite sliding below the intraday high, it has failed to retain support from the 200-day daily MA as the trend slid below the 61.80% Fib Retracement level. As per the current economic glitch, the major investment avenues including crypto are likely to face extreme selling pressure until the global economy takes a stable stance.
So, on the downside, the weekly support for DOGE is around $0.00165 as the major one to look out for. The major resistance point, on the other hand, lies at $0.00185 and $0.00188. The MACD of Dogecoin appears bearish due to the intraday pullback and the signal line crosses above the MACD line. The RSI of this coin is at 48.27 and has no trading extremities right now.
No one knows if DOGE is going to rise past its resistance. However, the entire market is in a dull territory this week without much traction.
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