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Dogecoin (DOGE) Dips to $0.0958 Amid Market Fluctuations

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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 December 12, 2023 | 2 min
Updated on Dec 12, 2023
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  • Dogecoin currency trades at $0.0958, ranking 10th with a $13.6B market cap and significant daily volume.
  • Technical indicators show bearish signals with RSI below 50 and MACD under the signal line.
  • Chart patterns suggest potential bullish momentum if DOGE maintains above the key $0.0934 level.

In the ever-evolving landscape of cryptocurrency, Dogecoin (DOGE/USD) has caught the attention of investors and enthusiasts alike, not just for its meme-inspired origins but also for its noteworthy market movements. As of December 12, Dogecoin stands at a price of $0.0958, navigating through a significant 24-hour trading volume of approximately $1.35 billion. Despite its playful image, the crypto coin holds a serious place in the market, currently ranking 10th with a market capitalization of $13.62 billion and a circulating supply crossing 142 billion DOGE.

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Dogecoin
DOGE/USD Price Chart – Source: Tradingview

Dogecoin Price Prediction: Technical Outlook

A closer examination of Dogecoin’s 4-hour chart reveals a delicate balance between support and resistance levels. The pivot point rests at $0.0892, serving as a baseline for traders’ expectations. Yet, it’s the immediate resistance at $0.0979 that poses as the near-term barrier for Dogecoin’s potential ascent. Should this resistance be breached, the gates open to further resistance levels at $0.1107 and eventually $0.1191.

Conversely, the levels of immediate support are found at $0.0764, with additional safety nets at $0.0681 and $0.0597, representing crucial thresholds that could prevent deeper declines. The technical indicators offer additional insight into the coin’s trajectory. The Relative Strength Index (RSI), sitting at 44, signals a bearish sentiment but not yet oversold, suggesting that there may still be room for downward movement before a potential bounce-back.

The Moving Average Convergence Divergence (MACD) further substantiates this stance with a value of -0.0009, sitting just below the signal line, which could indicate that bearish momentum is still in play. However, it’s the 50-Day Exponential Moving Average (EMA) at $0.0957 — approximately matching Dogecoin’s current price — that could be the defining factor in determining the immediate trend.

Interestingly, the observed chart patterns indicate that Dogecoin is rebounding off a double bottom pattern at $0.0934, a classical trend reversal pattern that could spell a positive development for the cryptocurrency. This pattern typically suggests a bullish sentiment above this price level, presenting potential for upward momentum should market conditions align.

As for the short-term forecast, the tug of war between bullish and bearish sentiments continues, with a close watch on the resistance at $0.0979. If Dogecoin can sustain a bullish stance above $0.0934, investors could witness a push towards these resistance levels in the days ahead. However, the crypto market is known for its volatility, and as such, these projections are not set in stone but rather a reflection of the current market dynamics.

In conclusion, Dogecoin’s market position as of December 12 paints a picture of cautious optimism. With the cryptocurrency’s ability to hold above the $0.0934 mark, there is a possibility for upward movement. However, market participants should remain vigilant, keeping an eye on the interplay between the technical indicators and chart patterns, which will likely dictate DOGE/USD’s direction in the short term.

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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