Doge Rallies above 30% after Musk's Tweet
Dogecoin is testing the resistance at the 0.54 price area after a strong bounce from the demand zone (which I called for a buying re-entry region in a private class I taught two days ago. This resistance must be uncapped for the 23.6% Fibonacci retracement at 0.62 to come into the picture as the next target. From here, additional targets are seen at 0.70 (psychological resistance and 9 May high) and at 0.74 (all-time high).
On the flip side, a rejection at 0.54 could allow for another corrective pullback which tests 0.49 (50% Fibo retracements from the 18 April swing low at 0.24 to the all-time high point on 8 May). Below this level, the demand zone at 0.39-0.43 becomes the downside target. The low of 13 May marks an additional downside target. This marks a potential dip-buying area for the future if Dogecoin holds its bullish momentum.
On the flip side, a rejection at 0.54 could allow for another corrective pullback which tests 0.49 (50% Fibo retracements from the 18 April swing low at 0.24 to the all-time high point on 8 May). Below this level, the demand zone at 0.39-0.43 becomes the downside target. The low of 13 May marks an additional downside target. This marks a potential dip-buying area for the future if Dogecoin holds its bullish momentum.
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