Dogecoin Returns to Long-Term Fibonacci Fan Structure

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 12 hours ago

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Fibonacci Fan Return: Dogecoin (DOGE) has revisited the Fibonacci fan structure from its 2021 peak of $0.7316, currently testing the 0.618 fan line, which could act as a support level, potentially triggering a new upward trend if successfully breached.
Critical Decision Point: Analysts highlight that DOGE is at a significant weekly juncture, needing to hold above $0.095 and push through $0.115 to establish a bullish path, while a drop below $0.095 could risk a decline towards $0.08.
Market Demand Resurgence: In May, spot DOGE exchange-traded funds recorded inflows for five consecutive sessions, marking the strongest demand since January, which may provide support for DOGE's price.
Price Volatility Analysis: Recently, Dogecoin has consolidated around the $0.10 mark after breaking out of the tighter $0.095 to $0.10 range, briefly touching $0.115, but currently remains above the psychological support level of $0.10, indicating market focus on this price point.

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Technical Analysis for DOGE

Technical Sentiment Analysis for Dogecoin (DOGE). As of , Dogecoin (DOGE) is exhibiting a Neutral technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 2 indicators are flashing buy, while 3 are indicating sell.

Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for DOGE stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.

Support, Resistance & Moving Averages. From a structural perspective, DOGE is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.

Dogecoin (DOGE) Support & Resistance Level

Name	S3	S2	S1	Pivot Points	R1	R2	R3
Classic	0.0807	0.089	0.0968	0.105	0.113	0.121	0.129
Fibonacci	0.089	0.0952	0.099	0.105	0.111	0.115	0.121

About DOGE

Dogecoin (DOGE) is based on the popular 'doge' Internet meme and features a Shiba Inu on its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin's creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience, since it was based on a dog meme. Tesla CEO Elon Musk posted several tweets on social media that Dogecoin is his favorite coin.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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