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  • Dogecoin Coin price breaks out above the falling trendline on the 30-minute chart.
  • Tesla’s CEO Elon Musk wants DOGE listed on Coinbase to increase accessibility.
  • A decisive rally above $0.0634 confirms that the rebound from the February lows will continue.

Dogecoin price correction continues, but the downtrend on the 30-minute chart has been broken, and it could rally to $0.064 over the next day.

Dogecoin price not trading like a ‘joke coin’

On the weekend, Elon Musk stated he felt that Dogecoin should be listed on Coinbase and even tweeted he was having a “Doge day afternoon.” The comments stand in stark contrast to Mike Novogratz’s statement that DOGE is one of “these joke coins.”

DOGE price has retraced the rally that followed the bullish comments from Musk, but this is not a bearish development. Instead, it is a sign that the cryptocurrency needs more time to consolidate the before volatility strikes back.  

A rally above $0.582 will raise the odds that Dogecoin price is beginning an ascent to $0.064. In its path is the confluence of the 100 30-minute simple moving average and the .50 retracement level at $.059. To add credibility to the bullish outlook, it is essential that volume immediately increases.

The next significant short-term resistance levels on the 30-minute chart are the .618 and the .786 Fibonacci retracement levels, at $0.06 and $0.062, respectively.

DOGE/USD 30-minute chart

The broken downtrend line currently sits at $0.0565 and is the first price support for any retrace. If Dogecoin price slices below $0.055, it would negate the short-term bullish outlook and project a quick test of $0.053.