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Dogecoin Eyes $0.09 as SEC Approves Spot ETFs

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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 11, 2024 | 2 min
Updated on Jan 11, 2024
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  • Dogecoin rises above $0.08 as SEC approves 11 spot bitcoin ETFs
  • DOGE is in a short-term bullish trend, trading above the pivot point and the 50 EMA
  • DOGE may test the resistance at $0.0900 and aim for $0.10, or fall below the support at $0.0713 and drop to $0.06.

Dogecoin is the cryptocurrency that started as a joke based on a popular internet meme, soared above $0.08 on Wednesday, as the US Securities and Exchange Commission (SEC) gave the green light to 11 spot bitcoin exchange-traded funds (ETFs), which track the actual price of the digital asset. The approval came after a fake tweet from the SEC’s official account on Tuesday claimed that the regulator had authorized a bitcoin futures ETF, sending a shockwave through the crypto market. The false tweet, which was later deleted, caused a brief spike in bitcoin’s price, which in turn lifted other cryptocurrencies, including dogecoin.

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

Dogecoin Price Prediction: Technical Outlook

According to the 4-hour chart, dogecoin is trading above the pivot point, which acts as a support and resistance level, at $0.0832. The pivot point is calculated based on the previous day’s high, low, and close prices, and it helps to determine the overall market trend. The immediate resistance is at $0.0900, which is the round number and the previous high of January 4.

 

The next resistance is at $0.1019, which is the 61.8% Fibonacci retracement level of the downward move from the November 10 high of $0.2923 to the December 4 low of $0.0496. The Fibonacci retracement levels are based on the mathematical sequence that shows the ratio of successive numbers, and they help to identify potential reversal points in the market. The next resistance is at $0.1087, which is the 78.6% Fibonacci retracement level of the same downward move.

 

The immediate support is at $0.0713, which is the 38.2% Fibonacci retracement level of the same downward move. The next support is at $0.0645, which is the 23.6% Fibonacci retracement level of the same downward move. The next support is at $0.0526, which is the previous low of December 4.

 

The relative strength index (RSI), which measures the momentum of price movements, is at 60, indicating a balanced market. The 50-day exponential moving average (EMA), which smooths out price fluctuations, is at $0.0822, slightly below the current price. This indicates that dogecoin is in a short-term bullish trend, as it is trading above the 50 EMA, which acts as a dynamic support and resistance level.

 

The chart also shows that dogecoin has crossed over the 50 EMA line at $0.0820, which is a bullish signal. The overall trend for dogecoin is bullish, as it is trading above the pivot point and the 50 EMA, and has crossed over the 50 EMA line. The short-term forecast is that dogecoin may test the resistance at $0.0900 in the coming days, and possibly break above it if the market sentiment remains positive, as the SEC’s approval of spot bitcoin ETFs could boost the demand for cryptocurrencies. However, if dogecoin falls below the support at $0.0713, it may trigger a bearish reversal and head towards the $0.06 level, which is a major support level and a potential target for the bears.

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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