- Dogecoin price continues to consolidate around the $0.065 range, with momentum indicators suggesting a relaxed market.
- It comes amid an ongoing $258 billion lawsuit against Elon Musk on racketeering charges around the king meme coin.
- As Musk’s camp deems the case a “waste of time,” DOGE hovers around the 23.6% Fibonacci retracement level, odds favor a return to the 50% Fib at $0.0793.
Dogecoin (DOGE) price has displayed a lack of volatility through the weekend, consolidating within a tight range over the past three days. The subtleness comes amid an ongoing lawsuit against the DOGE founder and Twitter CEO Elon Musk.
Also Read: XRP holders want to write letters to Judge Torres, lawyer says no good can come from it
Dogecoin price relaxed as DOGE father faces lawsuit
Dogecoin (DOGE) price remains steady around $0.065, the same range where the price has stagnated since Friday, July 7. Meanwhile, the DOGE camp continues to observe developments in the lawsuit against Elon Musk, who allegedly ran an extortion scheme using the DOGE token.
Evan Spencer, the plaintiff representing the DOGE community, accuses Musk of owning most of the token’s supply, Musk’s legal representatives contest for a dismissal of the case, citing frivolity.
Elon Musk accused of insider trading in Dogecoin lawsuit https://t.co/KgfXSqdOKs
— The Guardian (@guardian) June 2, 2023
Spencer also called out Musk’s legal representatives for a conflict of interest between Tesla and Dogecoin, acknowledging a selfish loyalty to Musk. According to the Musk camp, however, Spencer is a frivolous attorney with a history of whimsical attempts to delay court procedures.
The ensuing drama has not influenced Dogecoin price, which remains unfazed and consolidating horizontally.
Dogecoin price forecast as DOGE hovers around the 23.6% Fibonacci
Dogecoin (DOGE) price, currently at $0.065 and recording a daily rise of 0.35%, continues to stall as the new week commences. The flattening Relative Strength Index (RSI) and the Awesome Oscillators (AO) suggest a market where both bulls and bears are sitting on their hands, thus the lack of volatility.
Thankfully, there is the Fibonacci Retracement indicator, which traders can use to place their entry orders, determine stop-loss levels, and even set their price targets. This indicator is famous for indicating price levels where the market tends to retrace part of its move before the continuation of its original direction.
A determination of the 2023 market range for Dogecoin price shows that the meme coin has recorded a peak of $0.104 and a low of $0.053 between April 4 and June 10, respectively. This translates to a price deviation of $0.051.
Notably, the Dogecoin price has remained under the foothold of the 50% Fibonacci Retracement level at $0.080, edging southward as the RSI depicted a market devoid of momentum. As bulls bought the dip, the asset’s market value ascended, but the absence of a catalyst coupled with intense competition from rival meme coins Shiba Inu (SHIB) and Pepe (PEPE) gobbling the bulk of meme coin liquidity boded poorly for DOGE.
Dogecoin price also attempted to recover from the heaviest shortings of 2023, but early profit-taking made the rally short-lived. Based on the chart below, Dogecoin price is levitating around the 23.6% Fibonacci Retracement of the aforementioned market range at $0.065. The price slumped 10% from an intra-day high of $0.072, zoning into the consolidation phase that continues to keep token holders at bay.
Based on this outlook, a return to the 50% Fibonacci Retracement level is likely, or in a highly bullish case, extends a neck north to tag the 62% Fibonacci Retracement level around $0.085.
DOGE/USDT 1-Day Chart
Meanwhile, crypto markets enter a macroeconomic week with the Consumer Price Index (CPI) report expected on Wednesday, July 12. While Bitcoin (BTC) price continues to stall in the $30,200 range, experts predict opportunities for swing trading.
$BTC Sunday update:
— CrypNuevo (@CrypNuevo) July 9, 2023
Big week ahead with CPI data, on Wednesday, being the protagonist.
Still in this tight range and a major move is on its way. It's possible that we see opportunities for swing trades this week. So I'm going to cover a potential swing trade in this update too. pic.twitter.com/3ttxLrwLS8
Current CPI is 4% but analysts forecast the reading to come in with a 0.09% drop at 3.1%. FXStreet will bring you a follow-up story on this.
Like this article? Help us with some feedback by answering this survey:
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.