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Dogecoin Gains Support Above $0.06000: Buy Now?

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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 September 14, 2023 | 2 min
Updated on Sep 18, 2023
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  • The DOGE/USD pair is currently treading on bearish territory, having fallen below the $0.0623 threshold.
  • Key technical indicators like the RSI and MACD suggest continued selling sentiment, although a weakening bearish momentum is observed.
  • Close monitoring of the pivotal $0.0620 level is crucial, as consistent values beneath could drive Dogecoin towards $0.0560, while surpassing $0.0630 may aim for resistances at $0.0680 or $0.075.

In recent financial narratives, Dogecoin has emerged as a topic of keen interest. Notably, this digital currency has successfully managed to secure a firm foothold above the $0.06000 mark, prompting market analysts and investors alike to question: is now an opportune moment to invest? As we delve deeper into the trends, dynamics, and potential future of Dogecoin, let’s evaluate the viability of a “buy” decision at this juncture.

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

Dogecoin Price Prediction: Technical Outlook

Today, Dogecoin is priced at $0.061356, having experienced a 24-hour trading volume of $196,794,577. Over the past day, its value has increased by 0.73%. On CoinMarketCap’s ranking, Dogecoin currently holds the #8 position, boasting a live market capitalization of $8,651,113,891 USD. The circulating supply stands at 140,998,006,384 coins.

 

From a technical perspective, the DOGE/USD pairing appears to lean towards a bearish stance. Having slipped under the $0.0623 marker, there’s a heightened risk that the coin value may further depreciate.

 

An analysis of Dogecoin’s charts reveals significant resistance, particularly with the emergence of a bearish candlestick on its daily chart. The 50-day exponential moving average gravitates around the $0.0638 mark. A series of closes below this figure could amplify the chances of sustained bearish movement. Analytical tools, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), offer more granular insights. With the RSI hovering around 36 and positioned below the midpoint of 50, it indicates a prevailing sell sentiment.

 

Simultaneously, while the MACD stays rooted in the negative territory, the shrinking histograms hint at a potential deceleration in the bearish momentum, potentially offering a window of advantage to sellers.

 

Given these technical indicators, the $0.0620 mark emerges as a pivotal point to watch. A consistent close below this level might send Dogecoin’s prices spiraling down towards a significant support zone of $0.0560, with $0.0495 acting as a subsequent critical support. On the flip side, a bullish reversal surpassing the $0.0630 marker could propel Dogecoin towards target resistances of $0.0680 or even $0.075. In essence, the $0.0620 demarcation serves as the benchmark for potential bearish movements below and bullish endeavors above.

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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