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Dogecoin Steady Above $0.0600; 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 05, 2023 | 2 min
Updated on Sep 05, 2023
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  • Dogecoin displays strong technical support at the 0.0620 level, emphasized by sustained candle closes above it, hinting at future price momentum.
  • Oscillator indicators show mixed signals: The RSI is in a sell zone, whereas the MACD is in a bullish stance.
  • Key price levels to watch: a potential rise past 0.0650 targets 0.0690 and possibly higher, with resistances at 0.0750 and 0.0800. A decline below 0.0620 could see a pullback to 0.0560.

In the ever-evolving world of cryptocurrencies, Dogecoin has managed to maintain a surprising steadiness, holding firm above the $0.0600 mark. Originally started as a meme-based joke, this digital coin has defied critics and showcased resilience in the unpredictable crypto market. As it lingers above this threshold, many investors and crypto enthusiasts are now contemplating a pivotal question: Is Dogecoin, at its current rate, a sound investment?

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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, Dogecoin 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.

A forthcoming biography on the billionaire entrepreneur Elon Musk sheds light on his engagement with the Dogecoin initiative and his conceptualization of a blockchain-driven social media platform. This publication, set to release later this month, also highlights an unsuccessful endeavor by the erstwhile crypto magnate Sam Bankman-Fried to assist Musk in acquiring Twitter. Such revelations could be contributing to the support for Dogecoin.

Examining Dogecoin from a technical perspective, we observe a solid support forming around the 0.0620 level, underscored by the consistent candle closures above this mark. This formation suggests potential for a subsequent momentum in Dogecoin’s price trajectory.

Simultaneously, analyzing leading oscillator indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), presents divergent outlooks. Specifically, the RSI is entrenched in a sell zone, while the MACD finds itself in a bullish (or “buying”) zone.

If Dogecoin successfully breaches the key resistance at 0.0650, it might set its sights on reaching 0.0690 and potentially even higher. The subsequent resistance is anticipated around the 0.0750 mark, and a more formidable barrier awaits at the 0.0800 threshold. Conversely, should there be a dip below the 0.0620 level, Dogecoin could potentially retract to the 0.0560 mark.

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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