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Dogecoin Holds Steady Above $0.0600: Is It a Good Buy?

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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 07, 2023 | 2 min
Updated on Sep 07, 2023
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  • Dogecoin’s recent price surge positions it near the 21-day EMA, having failed to breach this resistance on Aug. 30.
  • Technical indicators highlight a strong support at 0.0620, suggesting potential upward momentum, while oscillators like RSI and MACD provide mixed signals.
  • Breaching the 0.0650 resistance could propel Dogecoin towards 0.0690, with subsequent resistances at 0.0750 and 0.0800.

Dogecoin, once a meme-inspired cryptocurrency, continues to demonstrate resilience as it remains stable above the $0.0600 mark. As investors grapple with fluctuating markets and emerging crypto trends, many are now pondering whether Dogecoin’s current position offers a promising investment opportunity. This article delves into the factors that might influence Dogecoin’s trajectory and explores whether it’s an astute buy at its current valuation.

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

Dogecoin Price Prediction: Technical Outlook

Today’s live Dogecoin rate stands at $0.064150, recording a 24-hour trading turnover of $202,503,629. Over the past day, Dogecoin has appreciated by 1.43%. According to CoinMarketCap, the coin is ranked 7th, boasting a market capitalization of $9,037,422,545 USD. Presently, there’s a circulating stock of 140,878,796,384 DOGE tokens.

 

Recently, the coin experienced an unforeseen price appreciation, now positioned at $0.064. This recent increase has positioned it proximate to its 21-day Exponential Moving Average (EMA), a significant resistance benchmark. It’s noteworthy that Dogecoin attempted to surpass this benchmark on Aug. 30 but was unsuccessful.

A technical analysis of the DOGE/USD highlights a robust support establishment around the 0.0620 threshold, emphasized by consistent candlestick closures above this value. This pattern indicates a potential future upward movement in Dogecoin’s valuation.

 

Furthermore, when considering primary oscillator metrics, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), we find contrasting signals. Notably, the RSI is positioned in a bearish zone, whereas the MACD indicates bullish sentiments.

Should Dogecoin manage to break the pivotal 0.0650 resistance, it could target the 0.0690 level, with potential for further ascension. The next anticipated resistance stands at 0.0750, with a significant hurdle projected at the 0.0800 mark. However, a decline beneath the 0.0620 support could see coin retreating towards the 0.0560 level.

 

At 12:30 GMT, the U.S. Department of Labor released its weekly unemployment claims data, reporting 232K claims, slightly higher than the anticipated 228K. Such economic indicators often have an indirect impact on the cryptocurrency market. A stronger than expected labor market, evidenced by lower unemployment claims, can boost investor confidence in traditional financial systems, potentially making fiat investments more appealing. Conversely, when the labor market underperforms, as in this slight miss, some investors might seek alternative assets like cryptocurrencies, perceiving them as safe havens or hedging options against economic uncertainties. Therefore, this higher unemployment claim could potentially lead to a short-term bullish sentiment for cryptos, as investors diversify their portfolios.

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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