In a scene worthy of a mischievous cat chasing phantom rubles, Dogecoin careened downward by over 22% in a single day, rattling traders who whispered of a “Black Friday.” Then, with a flourish that would make any stage magician jealous, DOGE clawed back some of its losses. Yet it still sulks around 11% below its value from the week’s start, leaving devout Doge-curious souls in quite the pickle.
The Curious Case of Dogecoin’s Bullish Divergence
Amid the ruckus, the coin famously skirted beneath a critical ascending support line before snapping back, all while analyst Kevin (@Kev_Capital_TA) stood by like a proper conjurer, proclaiming that DOGE was merely testing its “lines in the sand.” Despite momentarily dipping below a pink trendline from mid-2023, our daredevil DOGE soared back above this historical support around $0.138—home to the 38.2% Fibonacci retracement level drawn from the $0.049 swing low to the lofty $0.738 peak.
Kevin, wearing his most wizardly cloak, pointed out a “clean bullish divergence” on the daily chart using the trusty Relative Strength Index, which reveals a mischievous upward tilt even though price made a slightly lower low. He teased that this spectacle echoes a similar divergence in Bitcoin’s chart, possibly hinting that Dogecoin’s momentum is regaining some pep after a marathon slump from its once-proud $0.48 high.
Yes, The Uptrend Lives… For Now
Meanwhile, the astute Charting Guy (@ChartingGuy) chimed in, noting DOGE’s rendezvous yet again with the weekly 200 EMA—lurking in the mid-$0.13 corridor. He reminded us, with a wink, that Dogecoin’s broader chart still exudes “higher highs, higher lows,” as any proud uptrend might.
Utilizing his own sorcery, he mapped out a Fibonacci analysis suggesting DOGE could still close above the 0.382 Fib level—an encouraging sign for anyone who fancies themselves a coin whisperer. A failure to stay above $0.15, however, might see DOGE tumbling down to deeper support lines near $0.09 or even $0.07, a prospect no trader wants to see unless they like living on the edge.
Should the spirit of Shiba prevail, resistance zones might lurk in the mid-$0.20s (at around the 61.8% Fibonacci retracement) or the high-$0.30s to low-$0.40s range, culminating in the 78.6% mark. And if the stars (or maybe just Twitter) align once more, prior highs over $0.40 could beckon DOGE toward the 88.8% Fibonacci near $0.56—though believers remain on their guard, thanks to global political antics that keep the cryptomarket full of surprises.
As of this very moment, Dogecoin hovers near $0.149. A remarkable feat for a coin once regarded as a cosmic joke—though, if you ask the ghosts of market bulls past, the joke might just be on anyone who underestimates the dog.
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2025-04-08 14:12