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Dogecoin Trades Choppy Near $0.0580: What’s Next?

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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 12, 2023 | 2 min
Updated on Oct 15, 2023
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  • The current trading price of Dogecoin is $0.058270, which has decreased by 1.14% in the last 24 hours.
  • RSI at 43 indicates bearish sentiment; MACD suggests potential bearish momentum; Price trades below the 50 EMA.
  • Resistance levels are at $0.0651 and $0.0678, while immediate support is at $0.0595.

In the ever-fluctuating world of cryptocurrencies, Dogecoin has recently exhibited a turbulent trading pattern, hovering close to the $0.0580 mark. As investors and enthusiasts alike grapple with the coin’s latest movements, many are left wondering: what lies ahead for Dogecoin? Amidst market speculations and global economic influences, let’s delve into the factors driving its current behaviour and the potential trajectories it might follow.

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

Dogecoin Price Prediction: Technical Outlook

The popular meme cryptocurrency, Dogecoin (DOGE/USD), has been trading at $0.058270, witnessing a dip of 1.14% in the last 24 hours. With a trading volume reaching approximately $128.9 million, Dogecoin currently sits at the #9 spot on CoinMarketCap, boasting a market capitalization of roughly $8.24 billion. There is a circulating supply of about 141.38 billion DOGE at the moment. Analyzing from a 4-hour chart perspective, we can discern certain key levels that traders should watch out for.

 

The pivot point for Dogecoin stands at $0.0622. If the bulls can rally, immediate resistance lies at $0.0651, followed by further hurdles at $0.0678 and $0.0706. Conversely, if the bears continue to dictate the market sentiment, we can expect the immediate support to be around $0.0595. Any further decline could test the support levels at $0.0565 and $0.0539.

 

Turning to technical indicators, the Relative Strength Index (RSI) is currently at 43, indicating a slightly bearish sentiment, given that it’s below the midline 50. The Moving Average Convergence Divergence (MACD) line stands at -0.0003, with its signal line at -0.001. This hints at potential bearish momentum as the MACD line is below the signal line. Moreover, the price is currently trading below the 50-day Exponential Moving Average (EMA) of $0.0594, further consolidating the short-term bearish bias.

 

From the chart patterns, it’s evident that DOGE is struggling to breach the $0.0594 mark. A noticeable bearish engulfing below this level suggests increasing selling pressure.

Given the current technical and chart readings, the overall trend for Dogecoin seems bearish, especially if it stays below the $0.0594 mark. Traders should be cautious and might want to keep an eye on the key resistance and support levels mentioned.

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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