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DOGE Remains in Choppy: Could $0.0650 Be the Next Stop?

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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 August 22, 2023 | 2 min
Updated on Sep 03, 2023
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  • Dogecoin’s daily analysis reveals a breach of a key support level near $0.065 and a “Three Black Crows” candlestick pattern, signaling a continued downward trend.
  • Currently, Dogecoin is nearing a significant support at $0.0564, backed by a double-bottom pattern, while the RSI and MACD indicators confirm bearish momentum.
  • The 50-day EMA acts as notable resistance around $0.070, with consistent candlestick closures below it strengthening the prevailing bearish sentiment.

Amidst the ongoing volatility, Dogecoin (DOGE) continues to navigate through uncertain waters, leaving investors and traders wondering about its next potential move. With its price experiencing fluctuations, the cryptocurrency community is closely watching whether DOGE can find stability or if it will further descend towards the $0.0650 mark. As market sentiment oscillates, analyzing the technical indicators and recent price trends becomes crucial in deciphering DOGE’s trajectory in the near term.

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

Dogecoin Price Prediction: Technical Outlook

The current price of Dogecoin is $0.063035, and its trading volume over the past 24 hours amounts to $271,022,073. Within this timeframe, the coin has experienced a 0.32% decrease. Its present rank on CoinMarketCap is #8, boasting a live market capitalization of $8,868,469,511 USD. The circulating supply encompasses 140,690,376,384 coins.

 

Upon scrutinizing the daily timeframe of Dogecoin, it becomes apparent that the cryptocurrency has breached a significant moving average that had previously served as a support zone around the $0.065 mark. Within this same timeframe, Dogecoin’s chart reveals the emergence of a “Three Black Crows” candlestick pattern, a bearish formation that signifies the continuation of the existing downward trend within the market.

 

At present, the coin appears to be edging closer to a potential support juncture situated at $0.0564. This level garners significance from a double-bottom pattern. In the evaluation of key oscillators such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), both indicators reside within the sell zone. This collective observation underscores the ongoing robustness of the bearish momentum.

 

Concurrently, the 50-day Exponential Moving Average (EMA) could pose as a substantial resistance point around the $0.070 threshold. Consistent candlestick closures beneath this level, particularly below the 50-day EMA, fortify the predominant bearish sentiment prevalent in the market.

 

Given this comprehensive analysis, vigilance surrounding the $0.0564 level is imperative. A decisive breach beneath this threshold could potentially pave the way for further selling pressure, potentially guiding the price towards the $0.0495 level. In the event of the price descending even further, Dogecoin might be en route to approaching the $0.0450 mark.

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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