Disclaimer: The information presented does not constitute financial, investment, trading, or other types of advice and is solely the writer’s opinion.
- DOGE secured the $0.060 level but fronted a sluggish recovery.
- DOGE’s Open Interest rates wavered in the past four weeks.
Despite the recent recovery, Dogecoin [DOGE] was still under intense sell pressure as of press time. The meme coin traded at $0.0622 at the time of writing, up about 4% from its recent low of $0.059.
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However, wavering demand and increasing short positions could undermine the recovery unless next week’s FOMC Meeting injects positive impetus.
Here are the key target levels for Dogecoin
A Fibonacci retracement tool, yellow, was plotted between the July high of $0.0838 and June lows of $0.0530. Based on the tool, the bulls have consistently defended the 23.6% Fib level of $0.0603 in June, August, and September.
Between mid-August and mid-September, DOGE consolidated losses above the same 23.6% Fib level ($0.060). A false breakout to 50% Fib level ($0.068) retreated at $0.060 at the end of August.
Ergo, if the Fed’s decision on 20 September is dovish, DOGE could target the 38.2% Fib level ($0.0648) or 50% Fib level ($0.0684). Such an upswing could even push DOGE to the roadblock near $0.075 (white), especially if Bitcoin [BTC] rallies beyond $28k.
However, a drop and daily session close below the 23.6% Fib level ($0.0603) will weaken the market structure. In such a scenario, a depreci
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Author: Benjamin Njiri
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