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Dogecoin (DOGE) Surges to $0.0899, Gains 3.50% Amid Bullish Sentiment

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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 05, 2023 | 2 min
Updated on Dec 05, 2023
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  • Dogecoin DOGE trades at $0.089937, up 3.48%; ranks #9 on CoinMarketCap.
  • Key resistances at $0.0918, $0.1005; pivot point at $0.0790.
  • Technicals: Bullish above $0.08790, RSI at 67, MACD supports uptrend.

Dogecoin (DOGE) has witnessed a consistent uptrend, with a 13% rise in October followed by a 15% increase in November. On-chain metrics reveal a bullish sentiment, with 883 million DOGE purchased by traders at an average price of $0.84, surpassing the 800 million DOGE offered by sellers. This demand-supply imbalance, highlighted by IntoTheBlock’s Aggregate Exchange Order Books, suggests a potential price hike. The excess demand over supply by 83 million DOGE indicates strong market interest, potentially driving Dogecoin’s price towards $0.1 by December 2023.

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

Dogecoin Price Prediction: Technical Outlook

In the dynamic world of cryptocurrency, Dogecoin (DOGE/USD) stands out with its recent price surge, currently trading at $0.089937. This represents a notable increase of 3.48% in the last 24 hours. With a robust trading volume of $1,393,805,515 and a market cap of $12,780,371,182, DOGE claims the #9 rank on CoinMarketCap. This surge in Dogecoin’s value is not just a fleeting moment but part of a broader trend observed in the crypto market, particularly amongst altcoins.

Analyzing the 4-hour chart, Dogecoin’s key pivot point rests at $0.0790. The immediate resistance level is found at $0.0918, with subsequent resistances at $0.1005 and $0.1133. These levels are critical for traders to watch, as a break above these could signal a continued upward trajectory for DOGE. On the downside, the supports at $0.0703, $0.0575, and $0.0491 will play a crucial role in maintaining the bullish momentum.

The technical indicators for Dogecoin present an optimistic picture. The Relative Strength Index (RSI) stands at 67, hovering near the overbought threshold but still indicative of a strong buying interest. Furthermore, the Moving Average Convergence Divergence (MACD) value at 0.0008518, surpassing its signal line at 0.0039767, reinforces the bullish momentum. Additionally, Dogecoin’s current price is above its 50-Day Exponential Moving Average (EMA) of $0.0759, further cementing the short-term bullish trend.

A significant chart pattern observed is the symmetrical triangle breakout at $0.0840. This pattern suggests that DOGE has the potential to sustain its bullish trend, especially if it continues to trade above this level. Such chart patterns are key in anticipating the future movement of assets, especially in the volatile cryptocurrency market.

In conclusion, the overall trend for Dogecoin is bullish, particularly above the critical level of $0.08790. In the short term, the market may witness DOGE testing its resistance levels, particularly the $0.0918 mark. As the crypto market continues to evolve, Dogecoin’s recent performance is a clear indicator of the growing interest and confidence in altcoins among investors.

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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