Dogecoin analysis for May 7, 2021
Looking at the graph on a one-hour time frame, we see that when we set the Fibonacci retracement level, the pullback reached 61.8% of the level at 0.62800, encountering resistance at that level. We now have a pull-down looking for support at the lower Fibonacci levels. We will find better support at 38.2% Fibonacci level at 0.58550. Below is our better technical support in moving averages MA20 and EMA20. The buyer is currently stopped, which sellers skillfully use to lower the price of Dogecoin to lower levels.
Yesterday we had a price drop to 0.51666, which customers took advantage of and made a previous bullish impulse. Looking at the MACD indicator, we see that we are still in the bullish signal, with a slight deceleration on the last histogram of the MACD indicator.
The eToro trading platform listed Dogecoin, citing “strong customer demand” as the main reason. eToro already offers a number of cryptocurrencies on its platform. Dogecoin joins the list of Bitcoin, Ethereum, Litecoin, Binance Coin, and other well-known names in the cryptocurrency industry that are available for trading here. The excitement of the community was quickly apparent. The value of the coin nearly doubled, from $ 0.385508 at the time of eToro’s announcement to the aforementioned high in less than two days later, recording a growth of about 80 percent.
Hours after the announcement, a survey on Twitter with more than 23,500 participants in the original eToro account showed that almost two-thirds of their respondents were more interested in trading DOGE than BTC or ETH. Although institutions seem to favor Bitcoin to a large extent and ether to a lesser extent, retailers are attracted by lower token prices that offer the possibility of higher profits, as evidenced by the recent price explosion in Dogecoin.
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