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Dogecoin Breaks Triangle: DOGE at $0.060 Challenge

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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 October 11, 2023 | 2 min
Updated on Oct 11, 2023
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  • Dogecoin (DOGE/USD) recently broke out of a symmetrical triangle pattern, signifying a potential shift in its price dynamics.
  • The current price of Dogecoin stands at approximately $0.0589 USD, marking a 3.29% decrease in the last 24 hours.
  • Key price levels to watch include immediate resistance at $0.0634 and support at $0.0592, with the pivot point set at $0.0616. These levels may influence price movements in the near term.

Dogecoin, the popular cryptocurrency known for its Shiba Inu mascot, has made a significant move by breaking out of a symmetrical triangle pattern. As it approaches the $0.060 price level, DOGE faces a new set of challenges and opportunities. In this analysis, we’ll delve into Dogecoin’s recent price action, key support and resistance levels, as well as technical indicators to provide insights into what might lie ahead for this digital asset.

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

Dogecoin Price Prediction: Technical Outlook

Dogecoin (DOGE/USD) experienced a notable development as it broke out of a symmetrical triangle pattern. At the time of this analysis, Dogecoin is trading at approximately $0.0589 USD, marking a 3.29% decrease in the last 24 hours. This move follows a period of consolidation within the triangle, and it now faces a new set of challenges and opportunities.

 

In terms of market data, Dogecoin currently holds the 9th position on CoinMarketCap, boasting a live market cap of $8,330,452,747 USD. With a circulating supply of 141,349,596,384 DOGE tokens, it’s a well-established digital asset in the cryptocurrency space. The 24-hour trading volume for DOGE stands at $250,944,128 USD.

 

Analyzing the 4-hour chart timeframe, we observe key price levels for DOGE. The pivot point is set at $0.0616, providing a reference point for potential price movements. Immediate resistance levels can be found at $0.0634, followed by $0.0659 and $0.0676. On the support side, immediate levels include $0.0592, with subsequent support at $0.0574 and $0.0550. These levels serve as potential areas where price action could encounter resistance or support.

 

Turning to technical indicators, the Relative Strength Index (RSI) currently registers at 37.2. This suggests a relatively neutral sentiment in the market. However, with the RSI value below 50, there is a leaning toward bearish sentiment.

The 50-Day Exponential Moving Average (50 EMA) is valued at $0.0608. This signifies a short-term bearish trend as the current price of Dogecoin is below the 50 EMA.

 

In terms of chart patterns, the coin recently broke out of a symmetrical triangle pattern at approximately $0.0605. Additionally, a bearish engulfing pattern has formed, suggesting selling pressure in the market. The next major support level to watch for is around $0.050.

In conclusion, the overall trend for Dogecoin appears bearish, particularly below the pivot point at $0.0616. Traders should closely monitor this key level and the $0.0605 breakout point for potential trading opportunities in the coming days, as Dogecoin navigates its current market dynamics.

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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