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DOGE Eyes $0.0875 Amid Market Fluctuation

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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 January 16, 2024 | 2 min
Updated on Jan 16, 2024
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  • Dogecoin (DOGE) trades near $0.081, with market cap holding strong at over $11 billion, , ranking 10th on CoinMarketCap.
  • Technical indicators show DOGE teetering on pivot point, with potential for consolidation or breakout, while, the resistance levels are staged at $0.0875, $0.0950, and $0.1017.
  • A symmetrical triangle pattern has been identified, which traditionally suggests a period of accumulation before a possible breakout. Market awaits economic cues that could sway Dogecoin’s short-term price trajectory.

In the dynamic world of cryptocurrencies, Dogecoin (DOGE) remains a coin of interest among investors and traders. As of January 16, Dogecoin’s price hovers at $0.081063, showing a minor 0.16% dip in the last 24 hours. Despite this small decline, Dogecoin sustains a significant presence in the market with a live capitalization of approximately $11.57 billion, ranking 10th on CoinMarketCap.

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

Dogecoin (DOGE) Price Prediction: Technical Outlook

A technical analysis of the 4-hour chart reveals that Dogecoin is currently trading just below a critical pivot point of $0.0808. The resistance levels are staged at $0.0875, $0.0950, and $0.1017, with each level posing a potential barrier to upward movement. Conversely, support levels lie at $0.0735, $0.0668, and $0.0593, which could serve as bounce-back points for the coin if a downward trend ensues.

 

The Relative Strength Index (RSI) presents a neutral stance at 47.00, neither indicating an overbought nor an oversold condition, suggesting a period of consolidation for DOGE. The Moving Average Convergence Divergence (MACD) aligns with this outlook, with its line hovering around the signal, reflecting a market in balance awaiting a catalyst for direction.

 

Moreover, the 50-day Exponential Moving Average (EMA) at $0.0817 currently acts as a borderline between bullish and bearish sentiment. A symmetrical triangle pattern has been identified, which traditionally suggests a period of accumulation before a possible breakout.

 

The market sentiment around Dogecoin and its meme coin peers often reacts sharply to social media trends and broader market sentiment, making its trajectory susceptible to swift changes. Despite the current bearish tilt below the $0.0817 threshold, the coin’s community-driven support and the general unpredictability of the crypto market could spur sudden shifts, challenging resistance levels in the near term.

 

As the cryptocurrency market continues to evolve, with institutional and retail interest growing, Dogecoin’s position as a cultural crypto icon and its potential for substantial price movements cannot be overlooked. Looking ahead, the digital asset market awaits economic triggers that could impact liquidity and sentiment, potentially providing Dogecoin the impetus to test its resistance levels.

Stay tuned for more updates!

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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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