Advertiser disclaimer

DOGE/USD Dips to $0.0776: Daily Crypto’s Technical Analysis

author
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.
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 25, 2024 | 2 min
Updated on Jan 25, 2024
Advertiser disclaimer
  • DOGE/USD trades at $0.077636, down 0.99%; key pivot at $0.07437, with market cap over $11 billion.
  • Resistance levels at $0.08567 and $0.09697; support at $0.06335 and $0.05148.
  • Bearish trend below 50-Day EMA ($0.08054); triple bottom pattern suggests potential support at $0.0748.

In today’s daily crypto analysis, we delve into Dogecoin’s market position. As of January 25, Dogecoin (DOGE/USD) is trading at $0.077636, witnessing a 0.99% decline over the past 24 hours. Currently ranked #10 on CoinMarketCap, Dogecoin’s market capitalization stands at approximately $11.09 billion, with a significant trading volume of $355.34 million. This context is crucial as it frames the day’s technical outlook.

Show more
DOGE price chart
DOGE/USD Price Chart – Source: Tradingview

Dogecoin DOGE Price Prediction: Technical Outlook

The coin’s current trajectory is marked by a pivot point at $0.07437. Key resistance levels are identified at $0.08567, $0.09697, and $0.10884. These thresholds signify potential barriers to an upward price movement. On the flip side, immediate support levels are observed at $0.06335, followed by $0.05148 and $0.03990, providing safety nets against further price declines.

 

The Relative Strength Index (RSI) for DOGE/USD is at 40, indicating a lean towards a bearish sentiment without venturing into oversold territory. The Moving Average Convergence Divergence (MACD) reflects a value of -0.00016, with its signal line at -0.00098. This setup suggests that the asset could potentially experience downward momentum, as the MACD line is below the signal line.

 

A critical observation in Dogecoin’s chart pattern is the formation of a triple bottom pattern around the $0.0748 level. This pattern often indicates a strong support area, suggesting that the coin might rebound if it stays above this mark. However, the presence of the 50-Day Exponential Moving Average (EMA) at $0.08054 acts as a dynamic resistance. The coin’s current position below this EMA is a bearish signal, indicating that any upward movement might be limited unless it can surpass this level.

 

In conclusion, the technical indicators for Dogecoin paint a picture of caution. The overall trend for DOGE/USD appears bearish as long as it remains below the $0.0804 mark. While the triple bottom pattern provides some hope for stability, the resistance posed by the 50-Day EMA and the bearish MACD signal present challenges for Dogecoin’s short-term outlook. Traders and investors in this cryptocurrency will need to monitor these levels closely, as breaking either the support or resistance could dictate the next significant price movement.

Stay tuned for more updates at Daily-crypto.com.

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.
Other categories