Dogecoin is a community-driven cryptocurrency that was inspired by a Shiba Inu meme. The Dogecoin Core software allows anyone to operate a node in the Dogecoin blockchain networks and uses the Scrypt hashing method for Proof of Work. It is adapted from Bitcoin Core and other cryptocurrencies.
Here’s the market structure of the coin.
Currently trading at $0.1875 at a high of 19.2%, owing to the announcement made by Elon Musk of accepting Doges for Tesla’s merchandise. Earlier today Dogecoin was trading at a low of $0.1532 levels. The coin was seen consolidating between $0.1560 and $0.1610 levels.
Looking at the daily chart, the coin rose to an early morning intraday high at $0.2032 levels. The early intraday low was seen at $0.1547 levels. Dogecoin broke through the 23.6% FIB resistance level. Coming up against the $0.2032 resistance level, it fell to low of $0.1854 levels.
On an hourly chart the coin is seen consolidating in a bullish flag pattern and is more likely to break on the upside. Doge started the day with an intraday low before making a reverse. Looking at the current momentum Dogecoin is likely to make a bearish reverse.
Hourly RSI: The hourly RSI is moving currently towards 55 levels, it shows mild price strength, owing to investor’s trust on the coin.
Fibonacci Retracement levels: 23.6%: $1623, 38.2%: $0.1701, 61.6%: $1827
Major support level: $0.1496
Major resistance level: $0.1917
On the upside prices may move towards $0.20 levels. The first major resistance sits at $0.2034 levels. In event of an extended rally upwards, the second major resistance sits at $0.2200 levels. Barring an extended crypto rally, the first major resistance is likely to cap the upside. On the downside a fall below $0.1791 levels, will bring the first major support level FIB 38.3% level in play.