As per the above daily movement of DOGE/USD on HitBTC over the past two years, we see two concrete reversal zones forming around $0.00181 and $0.000845. The first reversal zone around $0.00181 has been acting as major support since the start of 2018. And, the second reversal zone will gradually activate after the price trend takes a sudden dip.
Dogecoin Price Analysis:
Although the price of Dogecoin has elevated from the bottom around $0.0019, we cannot really rely on the intraday movement as there is enough volatility to hit in. The current trading price of DOGE is below 23.60% Fib Retracement area, which confirms the bearishness that is still present, irrespective of the positive intraday move.
The current trading price is approaching the 10-day MA, and a further rise may let the coin to hit 38.20% Fib Retracement area.
The movement of Dogecoin against USD has been below 78.60% Fib Retracement area since the mid of July.
Technical Indicators:
The MACD of Dogecoin is running below zero and holds slight bearish crossover as the positive intraday move cannot be blindly relied on.
The RSI of the coin is at 32.48 and is seen rising from the support it hit in the previous days below 30.
