Dogecoin (DOGE) is Attempting a Bounce off the Fibonacci Retracement Support to 61.80

The Dogecoin price has only moved by just 0.71% today but has placed in the 2nd spot on the daily crypto movers’ list. However, on the daily chart, such minimal movement still has a more bearish tone, judging by the appearance of the last price candle on this chart.

DOGE Analysis Data
Dogecoin Value Now: $0.079
Dogecoin Market Cap: $10,972,501,061
DOGE Moving Supply: 139,076,856,384
DOGE Total Supply: 139,076,856,384
Dogecoin CoinMarketCap Ranking: 8

Major Price Levels:
Top: $0.079, $0.085, and $0.090
Base: $0.077, $0.075, and $0.073

Dogecoin (DOGE) Price Action Remains Bearish

The last price candle on the DOGEUSD daily chart appears to be bouncing off the Fibonacci retracement support level at 61.80. Meanwhile, price action remains below the middle band of the Bollinger Bands indicator. The applied MACD indicator is still portraying that bears are strongly in control of price action. However, the Relative Strength Index (RSI) indicator has just delivered an upside crossover in the oversold region. Still, the lines of the RSI aren’t yet moving upward in pursuit of the overbought region. Consequently, this suggests that traders will have to exercise more patience in detecting the market’s direction.

Buyers Are Trying to Gain a Bullish Stance on the Dogecoin (DOGE) Market

In the 4-hour DOGEUSD market, one can see that an impending move is brewing. And from the looks of things, it’s more likely that this move will be an upside one. The last price candle here seems longer with no wicks and has now pushed prices to the same level as the middle band of the Bollinger Bands indicator. Meanwhile, the Bollinger Bands are contracting, which suggests that price action is about to move significantly in one direction. The MACD curves are now trending slightly upwards towards the 0.00 level. At the same time, the RSI is attempting a bullish crossover above the 70 level. Consequently, this suggests that price action may move toward the $0.0820 price level.

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