DOGE is believed to have a concurrent motion with Bitcoin; therefore, when the king of the cryptos experienced an intermittent dip around $5.8k, 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 positive sentiment.
Dogecoin Price Analysis
Taking a glance at DOGE/USD, we see that the coin has fallen back to the previous week’s price zone after retracing weekly support below $0.0017 at $0.00167. Although the coin has made a notable recovery, 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.
As the Dogecoin price slid below the intraday high, it has failed to retain support from 200-day daily MA as the trend slid below 61.80% Fib Retracement level. However, 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. Therefore, on the downside, the weekly support around $0.00165 is the major support to look out for, while the major resistance lies at $0.00185 and $0.00188.
Technical Indicators
The MACD of Dogecoin that said appears bearish due to the intraday pullback, and the signal line crosses above the MACD line.
While the RSI of the coin is at 48.27 and withholds no trading extremities at present.
