Dogecoin Retracement

6. Mai 2021

The Dogecoin hype being lead by Elon Musk will potentially continue through the remaining months of the Bull-run to a final price target of $1. Before we continue to trend higher, a correction is due for Dogecoin while other altcoins increase in capital. The MACD crossover is indicating the sellers are now regaining control of the price after an extended uptrend. The RSI also presents that DogeCoin has been in a overbrought state and was previously supported by the upper 70% line on the RSI, however this level of support has currently been broken and failed to break back above 70% on the retest further indicating the probability of a retracement is likely. The price target for this short position is taken from the largest point of the descending triangle and placed below where the point of breakout. $0.445 which is the 0.618 fibonacci level which previously acted as resistance when DogeCoin created an all time high.