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Dogecoin Trades Choppy Over $0.0600: Buy 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 September 21, 2023 | 2 min
Updated on Sep 21, 2023
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  • The DOGE/USD pair signals a bearish trend, with the critical $0.0623 level being pivotal. Breaches below could intensify the downturn.
  • Dogecoin faces significant resistance, highlighted by its daily chart’s bearish candlestick and its 50-day exponential moving average at $0.0638.
  • Consistent drops below this level could push Dogecoin towards $0.0560, while a bullish uptick above $0.0630 might challenge the $0.0680 resistance.

Dogecoin, the meme-inspired cryptocurrency that has captivated market enthusiasts and celebrities alike, is exhibiting volatile price movements above the $0.0600 mark. As the digital coin continues its oscillatory journey, many investors are left pondering: is this the opportune moment to buy? With its notorious price swings and a community fervently advocating for its ascent, the decision to invest in Dogecoin at this juncture requires a nuanced understanding of its current market dynamics.

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

Dogecoin Price Prediction: Technical Outlook

As of today, Dogecoin is trading at a price of $0.062604, having registered a 24-hour trading volume of approximately $210,735,340. The cryptocurrency has experienced a modest appreciation of 0.27% over the past 24 hours. Currently positioned at #7 on CoinMarketCap’s rankings, Dogecoin boasts a live market capitalization of roughly $8.833 billion USD. The circulating supply stands at 141.095 billion DOGE coins, while the maximum supply details remain undisclosed.

 

From a technical standpoint, the DOGE/USD pair currently exhibits a predisposition towards a bearish outlook. A sustained dip below the critical $0.0623 threshold could exacerbate this bearish tendency. Technical analysis of Dogecoin underscores pronounced resistance, accentuated by the emergence of a bearish candlestick on its daily chart. The coin’s 50-day exponential moving average is converging around the $0.0638 level, and consistent settlements below this could augur further bearish tendencies. Key indicators, such as the Relative Strength Index (RSI) and the Moving Average Convergence Divergence (MACD), provide nuanced insights. The RSI, presently around 36 and below its neutral 50 level, signals dominant selling pressures.

 

Meanwhile, the MACD remains entrenched in negative territory. The diminishing histograms hint at a potential slowdown in the current bearish momentum, creating potential entry points for bearish traders.

 

It is imperative to monitor the pivotal $0.0620 level in light of these indicators. Persistent closes below this threshold could potentially trigger a descent for Dogecoin towards a prominent support level at $0.0560, followed by further significant support at $0.0495. On the flip side, should there be a bullish shift surpassing the $0.0630 boundary, it could pave the way for Dogecoin to challenge the resistance levels at $0.0680 and potentially $0.075. In summary, the $0.0620 level stands as a crucial determinant, demarcating bearish trajectories below and bullish prospects 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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