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Dogecoin Stays Over $0.0600: Triangle Highlighted

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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 27, 2023 | 2 min
Updated on Oct 01, 2023
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  • The DOGE/USD technical analysis reveals a distinct bearish bias, with crucial support at the $0.0623 level. A bearish candlestick on the daily chart and the 50-day EMA near $0.0638 reinforce this sentiment.
  • Key indicators, RSI (around 36) and a bearish MACD with waning histograms, emphasize the prevailing sell-side dominance and potential slowdown in bearish momentum.
  • The pivotal $0.0620 level stands as a crucial determinant, with a potential bearish fall to $0.0560 or even $0.0495. However, a climb above $0.0630 could challenge resistances at $0.0680 and possibly $0.075.

In recent market developments, Dogecoin has managed to sustain its position above the $0.0600 mark, drawing attention to a prominent symmetrical triangle formation. This technical pattern, often viewed as a harbinger of potential breakouts in either direction, has left traders and enthusiasts closely monitoring Dogecoin’s next moves. As market dynamics evolve, the coin’s trajectory within this triangle could be a key indicator for its near-term price action.

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

Dogecoin Price Prediction: Technical Outlook

Today, Dogecoin is trading at $0.060556, with a daily turnover of $137,094,635. Over the past 24 hours, it has witnessed a decrease of 0.60%. As per CoinMarketCap’s latest rankings, Dogecoin occupies the 8th position, boasting a live market capitalization of $8,548,990,015 USD. The circulating volume stands at 141,174,906,384 DOGE coins, while there’s no specified maximum supply.

 

Technically evaluating the DOGE/USD pair, it prominently tilts towards a bearish sentiment. Any sustained movement below the pivotal $0.0623 mark could further accentuate this bearish orientation. A meticulous study of Dogecoin reveals a distinct resistance, highlighted by a bearish candlestick formation on its daily chart. The 50-day exponential moving average gravitates around the $0.0638 mark, and continuous positions below this may indicate an extended bearish trajectory. Instrumental metrics, including the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), offer deeper perspectives. Currently, with the RSI hovering around 36, situated beneath its neutral midpoint of 50, there’s a clear inclination towards selling dominance.

 

Simultaneously, the MACD firmly resides in the bearish zone. Its receding histograms suggest a possible deceleration in the prevailing bearish momentum, indicating potential opportunities for bear-centric traders.

 

In view of these insights, the salient $0.0620 mark demands keen attention. Consecutive closures beneath this mark could catalyze Dogecoin’s descent to a pronounced support level at $0.0560, trailed by an even more critical support at $0.0495. Conversely, any bullish reversal transcending the $0.0630 threshold might set the stage for Dogecoin to contest resistances at $0.0680 and potentially $0.075. To encapsulate, the $0.0620 demarcation serves as a vital pivot, delineating bearish movements below and potential bullish excursions 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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