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DOGE Eyes $0.0816 Amid Rally; 50 EMA Support Buying

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Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
By Arslan Ali Butt
author
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
on February 08, 2024 | 2 min
Updated on Feb 08, 2024
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  • Dogecoin (DOGE) trades up by 2.23%, with a live market cap of $11.46 billion.
  • Key resistance and support levels are set, with a bullish trend above $0.0778.
  • Technical indicators like RSI and MACD suggest a potential for further gains.

In the world of digital currencies, where volatility reigns supreme, Dogecoin (DOGE) has recently captured the attention of the Daily Crypto audience. Today, DOGE/USD is trading at $0.080170, marking a notable 2.23% increase in the past 24 hours. Currently ranked #10 by market capitalization, Dogecoin boasts a valuation of approximately $11.46 billion, a testament to its enduring popularity and widespread adoption.

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DOGE/USD Price Chart
DOGE/USD Price Chart – Source: Tradingview

Dogecoin Price Prediction: Technical Outlook

As traders analyze the charts on a four-hour timeframe, a pivot point is observed at $0.0796. This serves as a crucial juncture for the meme-inspired cryptocurrency, representing a balance between buying and selling pressures. Should Dogecoin’s price ascend, it faces immediate resistance at $0.0816, with further potential ceilings at $0.0854 and $0.0875. These levels are critical for traders aiming to capitalize on upward movements and establish profitable exits.

 

On the flip side, immediate support lies at $0.0758, suggesting a safety net for the price. Should this level fail to hold, subsequent support levels at $0.0738 and $0.0701 will become the focus for those looking to mitigate losses or consider entry points during pullbacks.

 

The Relative Strength Indicator (RSI), currently at 60, suggests that while Dogecoin is in a potentially overbought territory, there is still room for upward price exploration before hitting the threshold that traditionally signals an imminent reversal. The Moving Average Convergence Divergence Indicator (MACD) value stands at a delicate 0.0002, mirroring its signal counterpart. This confluence indicates a potential equilibrium between bullish and bearish momentum, leaving the door open for shifts driven by market sentiment or emerging news.

 

Observing the 50-Day Exponential Moving Average (EMA) at $0.0791 provides additional context. This figure, slightly below the pivot, suggests a cautiously optimistic trend for Dogecoin. Chart patterns reveal a sideways range between $0.0810 and $0.0778, with an upward trendline that has historically encouraged buying trends above the $0.0778 level. This pattern, should it continue, hints at an underlying bullish sentiment in the market.

 

As traders and investors alike scour the crypto landscape for signs of where Dogecoin might head next, the coin’s current positioning above its support trendline and pivot point gives reason for a bullish outlook, provided it sustains above the key level of $0.0778. The cryptocurrency market’s inherent unpredictability necessitates vigilance, with each new session capable of dramatically altering the trajectory of even the most meme-worthy of coins.

Conclusion: Dogecoin’s current stance is cautiously optimistic, holding bullish above $0.0778.

Stay tuned for more updates!

author
About Arslan Ali Butt
Arslan is an expert live webinar speaker and derivatives analyst, specializing in cryptocurrencies, Forex, commodities, and indices. He holds an MBA in Finance and an MPhil in Behavioral Finance from the University of Gujrat (UOG), Pakistan. With many years of experience in cryptocurrency and Forex trading, Arslan currently focuses on cryptocurrency price predictions and forecasts. Arslan has previously worked with several brokerage firms’ Forex and cryptocurrency trading teams, managing client exposure risk. Arslan has worked at CAPEX.com and NatureForex.com, among others.
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