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DOGE/USD Hovers at $0.0803 Amid Market Uncertainty

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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 18, 2024 | 2 min
Updated on Jan 22, 2024
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  • DOGE/USD faces a pivotal moment, trading at $0.0803 with resistance at $0.08075.
  • Neutral RSI at 44 and MACD suggesting downward potential for Dogecoin.
  • Critical support and resistance levels identified; market awaits DOGE’s directional move.

In the ever-evolving world of cryptocurrencies, Dogecoin (DOGE/USD) presents a fascinating study. As of January 18, DOGE is trading at $0.080338, marking a slight 0.76% decline in the past 24 hours. Currently ranked 10th in market capitalization, Dogecoin boasts an impressive $11.46 billion valuation, with a significant 24-hour trading volume of $261.48 million. The cryptocurrency’s circulating supply stands at a substantial 142.7 billion coins.

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

Dogecoin (DOGE) Price Prediction: Technical Outlook

Technical analysis on a 4-hour timeframe reveals that DOGE/USD has established a pivot point at $0.07344. The cryptocurrency faces immediate resistance at $0.08075, followed by further resistance levels at $0.08724 and $0.09455. On the support side, Dogecoin finds immediate backing at $0.06695, with additional support levels at $0.05978 and $0.05261.

 

The Relative Strength Index (RSI) for DOGE/USD hovers around 44, indicating a neutral market sentiment. The Moving Average Convergence Divergence (MACD) presents a value of -0.00007, suggesting potential for a downward momentum. The 50-Day Exponential Moving Average (EMA) is currently at $0.08134, hovering just above the current price, indicating a potential resistance area.

 

A key chart pattern observed for DOGE/USD is a symmetrical triangle, providing support around the $0.0792 level. Simultaneously, a downward trendline is extending resistance around $0.08200. The resolution of this range is likely to determine the cryptocurrency’s future price action.

 

Given the current market dynamics, DOGE/USD appears to be in a crucial phase. The overall trend seems bearish below the $0.08134 mark. However, should the price breach this level, the sentiment could shift. In the short term, Dogecoin may test its resistance levels, with any significant break potentially altering the current bearish outlook.

 

The digital currency market, particularly Dogecoin, remains at the mercy of broader market sentiments and investor perceptions. Despite its meme-based origins, Dogecoin has managed to establish itself as a notable player in the cryptocurrency space, attracting both speculative interest and genuine investor attention.

 

The coming days are critical for DOGE/USD, as traders and investors closely watch the crypto’s reaction to technical indicators and market developments. As always, the volatile nature of cryptocurrencies warrants cautious investment strategies and diligent market analysis.

Stay tuned with Daily Crypto 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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