hello everyone. before moving on to the video we ask you to support us and subscribe to our channel, please. Dogecoin retraces the initial spike to 0.0597 while easing to 0.0560during early Monday. Even so, the cryptocurrency pair stays near the key resistances on Tesla’s owner’s optimism for DOGE. In contrast to Musk’s favor for Dogecoin, the world’s second-richest man admits that bitcoin and Ethereum ‘seem high’.
While the market reaction on bitcoin and Ethereum has been mild, the Dogecoin jumped from 0.0544to 0.0597 following the tweets. Even so, the Dogecoin bulls need to cross a descending resistance line from February 07 and21-day SMA, near 0.0585-90, to gain the market’s confidence in witnessing the 0.1 thresholds. Alternatively, 50% and 61.8% Fibonacci retracement of late January run-up, respectively around 0.
0470and 0.0375, will be the key to stop the Dogecoinbears ahead of 50-day SMA, at 0.0317 now.DOGE bulls struggle to overcome a three-week-old resistance line, 21-day SMA. Bearish MACD favors further consolidation of gains towards the key Fibonacci retracement levels. Bulls can eye $0.1 beyond immediate resistance breakout. Overall, DOGE/USD is up for consolidating the wild gained marked a few weeks back.
However, bulls shouldn’t be disappointed as fundamentals favor the coin. Subscribe to our channel and open notifications to learn more about gold, dollar, Euro, commodities, bitcoin, altcoin, cryptocurrencies, and other investment tools. n this video references an opinion and is for information purposes only. It is not intended to be investment advice. Every investment and trading move involves risk, you should do your own research while making a decision.
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