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DOGE has surged more than 950% since the beginning of the year from less than half a penny to more than five cents per coin as Reddit users have flocked to the cryptocurrency based on the meme of a smiling Shiba Inu. The owner of Robinhood Markets wallet app is now being said as the mover and shaker behind it.
Past Week’s Performance
DOGE opened at $0.069 on February 12, 2021. As of February 18, DOGE closed at $0.059. Thus, the DOGE price has fallen by roughly 17% in the past week.
In the last 24 hours, DOGE has been trading between $0.05 – $0.064.
https://www.tradingview.com/x/sSDXNLi5
How DOGE Will Fare Tomorrow
Currently, DOGE is trading at $0.056. The price has fallen from the opening price of $0.059. It is closer to the lower Bollinger Band indicating high selling pressures. Also, it is below the 20-day SMA line. Hence, the price will dip further.
The A/D and OBV indicators are gradually falling. Thus, whale distributions are higher than accumulations. The AO indicator is also negative. The ‘sell’ signals are gaining strength. Thus, overall market momentum is bearish. Selling pressures are high. Thus, the price will struggle to go up.
The RSI indicator is at 47%. It just touched the 30% mark a few minutes back. Thereafter, it started rallying. Selling activity is still high. But, it is a good time for swing traders to go long. The price may rise a bit before falling again, as the overall price trend is bearish.
The MACD and signal lines have turned negative too. A bearish crossover by the MACD line over the signal line gives credence to a price downtrend.
Similar to the RSI indicator, the stochastic oscillator has rallied from the ‘oversold’ region. The actual value line has crossed above the 3-day SMA line. A temporary price rise might occur as a part of the price correction process.
The ADX indicator is downward sloping. The market is losing its breath and the price downtrend is strong. Hence, the price will continue to fall.
The price is currently below the Fibonacci pivot point of $0.057. By the end of the day, we can expect the price to fall below the subsequent Fibonacci pivot support levels of $0.052, $0.049, and $0.44 respectively.
Currently, the price has tested the 23.6% and 38.2% FIB retracement levels of $0.053 and $0.055, respectively, and successfully broken out of them. However, the bears are very strong. Hence, we can expect the downtrend to resume. A trend reversal is confirmed, if and only if, the DOGE price can successfully break out of the 61.8% and 76.4% FIB retracement levels of $0.059 and $0.061 respectively, by the end of the day. Mostly, the bear-run will continue today and tomorrow as well.