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Dogecoin’s Bullish Surge: Analyzing DOGE’s Current Momentum

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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 24, 2023 | 2 min
Updated on Oct 24, 2023
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  • Dogecoin experiences an 8.89% upsurge, currently priced at $0.067047.
  • Key resistances lie at $0.0686, $0.0717, and $0.0748; RSI indicates overbought conditions at 84.
  • Short-term bullish trend evident with the price above the 50 EMA of $0.0613.

Amidst the fluctuating terrain of the cryptocurrency realm, Dogecoin stands out with its recent performance. As we approach the close of October 24, its burgeoning price and substantial trading volume have garnered significant interest across the trading community. With an impressive 8.89% surge in the past day, the need to dissect DOGE’s current trajectory and potential upcoming movements has never been more paramount.

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

Dogecoin Price Prediction: Technical Outlook

As of now, Dogecoin’s valuation rests at $0.067047. This figure isn’t just a testament to its recent growth, but also an indication of the substantial trading backing it, evident from its robust 24-hour trading volume of $610,158,983. This performance isn’t merely a fleeting spike – Dogecoin has now secured the 9th rank on CoinMarketCap, boasting a commanding market cap nearing $9.49 billion.

 

Utilizing the insights from the 4-hour chart provides us with a nuanced understanding of potential price movements. The chart suggests a primary pivot point at $0.0656. This level could very well serve as the foundation for Dogecoin’s next price move. On the bullish side, the cryptocurrency will encounter resistances at $0.0686, followed by $0.0717 and then at the $0.0748 mark. However, if bearish pressures begin to exert their influence, immediate support is anticipated at $0.0635, with subsequent cushions available at $0.0605 and a deeper support at $0.0584.

 

The technical indicators further embellish the narrative. The RSI, a renowned momentum oscillator, currently stands at an elevated 84. In conventional trading wisdom, an RSI surpassing 70 is indicative of overbought conditions, potentially hinting at a forthcoming price correction. The MACD, another invaluable tool for gauging momentum, reflects a value of 0.0007, which is overshadowed by its signal counterpart at 0.0019. Historically, a MACD line positioned beneath the signal line often points towards a looming downward momentum. Moreover, Dogecoin’s present valuation not only surpasses the 50-day Exponential Moving Average (EMA) of $0.0613 but does so confidently, underlining the existing short-term bullish trend.

 

At this juncture, while many chart patterns are possible across different timeframes, the current 4-hour chart doesn’t reveal any dominant or classic patterns like the Symmetrical Triangle or an upward channel. Nonetheless, the dynamic nature of cryptocurrencies means that patterns can evolve rapidly, and therefore, constant monitoring is essential.

 

In synthesis, the prevailing trend for Dogecoin is unmistakably bullish, more so if it manages to sustain above the pivotal $0.0656 threshold. Combining the insights from resistances, supports, and technical indicators, there’s a tangible expectation for Dogecoin to soon test, if not breach, the immediate resistance ceiling of $0.0686.

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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