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Dogecoin Struggles Near $0.0600: Sell 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 October 17, 2023 | 2 min
Updated on Oct 17, 2023
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  • Dogecoin stands at $0.0599, with a slight 24-hour increase of 0.85%.
  • Key resistance and support levels were established, with an RSI reading of 60 indicating mild bullish sentiment.
  • Short-term trend suggests neutrality, but dropping below $0.0595 might turn the tide bearish.

 

Dogecoin, the meme-inspired cryptocurrency that has captivated the market with its wild fluctuations and unprecedented popularity, is currently teetering near the $0.0600 mark. As investors and crypto enthusiasts alike grapple with the coin’s recent performance, many are left wondering: Is now the opportune moment to sell? This analysis delves into the current landscape of Dogecoin, its potential trajectory, and the factors influencing its price.

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

Dogecoin Price Prediction: Technical Outlook

The Dogecoin (DOGE) price today is $0.059956, experiencing a slight uptick of 0.85% over the past 24 hours. With a 24-hour trading volume pegged at $256.12 million, its current market cap stands robust at approximately $8.48 billion, positioning Dogecoin at the 9th rank on the CoinMarketCap charts. The circulating supply for Dogecoin is massive, clocking in at approximately 141.44 billion DOGE.

 

In terms of charting, the primary timeframe under consideration is 4 hours. Focusing on the key price levels, the pivot point is observed at $0.0593. As for resistance levels, the immediate resistance stands at $0.0616, followed by $0.0636 and a more challenging $0.0660. Conversely, should the coin face downward pressure, immediate support is expected at $0.0572, with further support waiting at $0.0548 and $0.0528.

 

From a technical indicator perspective, the RSI (Relative Strength Index) value is 60. This placement slightly above the midline suggests a mild bullish sentiment. However, it’s noteworthy that readings above 70 indicate overbought conditions and those below 30 indicate oversold conditions. Another metric to consider is the 50-day Exponential Moving Average (EMA), currently at $0.0595. As the price hovers just above this value, it suggests a short-term bullish trend.

 

While chart patterns often provide significant insights into potential price movements, no specific pattern is highlighted for this analysis.

In conclusion, the overall trend for Dogecoin is neutral with a slight bullish undertone. However, if the price drops below $0.0595, it could sway the sentiment towards being bearish. In the short term, depending on market dynamics and external factors, there’s potential for Dogecoin to either consolidate around current levels or make an attempt to test one of the aforementioned resistance or support points.

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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