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Dogecoin Stalls at $0.0640: Double Top Emerges

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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 October 04, 2023 | 2 min
Updated on Oct 11, 2023
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  • Dogecoin currently trades at $0.062215, down by 1.68% in the last 24 hours, with a market cap of $8.79 billion and ranks 9th on CoinMarketCap.
  • Key price levels show immediate resistance and support at $0.0646 and $0.0605 respectively. The RSI indicates bearish sentiment at 49.05, and the MACD suggests potential downward momentum.
  • The observed symmetrical triangle breakout at the $27,350 mark is notable, although it aligns more with Bitcoin’s trading patterns than Dogecoin’s.

In recent trading sessions, Dogecoin has hit a stumbling block, struggling to push past the $0.0640 mark. This resistance has given rise to a classic ‘double top’ pattern, often viewed as a reversal formation in technical analysis. As the cryptocurrency market continues to show unpredictable moves, this emerging pattern may be crucial in dictating Dogecoin’s short-term trajectory.

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

Dogecoin Price Prediction: Technical Outlook

As the crypto market continues its dynamic ebb and flow, Dogecoin stands out today with its trading price of $0.062215. The popular meme coin has seen a dip of 1.68% over the past 24 hours, registering a trading volume of $259.45 million. In the vast sea of cryptocurrencies, Dogecoin has managed to secure the 9th spot on CoinMarketCap, boasting a noteworthy market capitalization of $8.79 billion. Furthermore, there’s an impressive circulating supply of 141.25 billion DOGE tokens, underpinning its significant presence in the market.

 

Delving deeper into its performance metrics, the pivot point—a crucial price level indicator—for Dogecoin is identified at $0.0621. On the bullish front, if the digital asset gains traction, the first resistance point stands at $0.0646. Surpassing this might steer it towards the next resistances at $0.0663 and subsequently, $0.0688. On the flip side, if bearish pressures mount, Dogecoin might first seek support at $0.0605, with subsequent cushions at $0.0579 and then at $0.0562.

 

From the lens of technical analysis, certain indicators provide a clearer picture of Dogecoin’s current sentiment. The RSI, or the Relative Strength Index, currently hovers around 49.05. Being below the 50 mark, this denotes a prevailing bearish sentiment in the market. Additionally, the MACD—a tool used to identify potential buying or selling opportunities—has its main line at 0.0001, which is unfortunately below the signal line pegged at 0.0002. This configuration usually signals a possible downward momentum. Further cementing this bearish outlook is the fact that Dogecoin’s price currently trails below the 50 EMA (50-Day Exponential Moving Average), set at $0.0619.

 

Interestingly, on the broader cryptocurrency canvas, there’s chatter about a symmetrical triangle breakout, particularly evident at the $27,350 price point. But this pattern seems to be more in line with Bitcoin’s trajectory rather than Dogecoin’s, hinting at a potential bullish spree for the flagship cryptocurrency.

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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