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Dogecoin (DOGE) Hits $0.079, Eyes Key Resistance Levels

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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 November 28, 2023 | 2 min
Updated on Nov 28, 2023
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  • Dogecoin (DOGE) shows modest growth, with eyes set on resistance at $0.0839.
  • Technical indicators suggest a neutral to slightly bearish trend with key supports at $0.0722.
  • Market balance reflected in symmetrical triangle pattern, with potential for movement upon catalyst arrival.

Dogecoin, the meme coin that has captured the attention of the cryptocurrency world, is currently trading at $0.079103, with a notable 24-hour trading volume of over $740 million. This price point marks a slight increase of 0.62% from the previous day, bringing Dogecoin to the ninth rank on CoinMarketCap with a market capitalization that just exceeds $11 billion. This upward tick might seem modest, but it occurs within a broader context of market movements and sentiments that could signal significant trends.

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

Dogecoin (DOGE) Price Prediction: Technical Outlook

At present, Dogecoin’s pivot point stands at $0.0773, with its immediate resistance looming at $0.0839. A breach above this level could signal further momentum, leading to subsequent resistance levels at $0.0890 and $0.0954. These figures are more than mere numerical thresholds; they represent psychological barriers and potential turning points for the currency. Support levels are also crucial to Dogecoin’s stability, with the first substantial one at $0.0722. Further dips might see support at $0.0657 and then at $0.0606, levels that investors are likely to watch closely.

The Relative Strength Index (RSI) for DOGE currently hovers around 49, which places it in a neutral zone, neither overbought nor oversold. This indicates a market in balance but does not rule out the potential for significant movement if external factors come into

play. The Moving Average Convergence Divergence (MACD) shows a negligible bearish momentum, with the MACD line just below the signal line, suggesting that while the market is not in a downturn, it lacks upward momentum.

Dogecoin’s proximity to the 50-day Exponential Moving Average (EMA) at $0.0779 suggests a tentative bullish trend, as the price remains just above this moving average. However, the symmetrical triangle pattern observed on the chart suggests a state of equilibrium between buyers and sellers, providing no clear directional bias in the short term.

Considering these technical factors, the trend for DOGE appears neutral to slightly bearish, with the proviso that it stays above $0.0825. In the short term, the expectation is for Dogecoin to test its immediate resistance levels. Whether it will break through these barriers or retreat to seek support is a narrative yet to unfold, as the market awaits catalysts that may tip the balance.

In summary, while DOGE exhibits some resilience at its current price, the market awaits a significant catalyst that could define its trajectory in the coming days. Investors and enthusiasts alike should keep a keen eye on the stated technical levels, as they may offer insights into Dogecoin’s near-term movement.

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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