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Dogecoin’s Dimming Shine: A Technical Glance at DOGE/USD

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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 19, 2023 | 2 min
Updated on Oct 19, 2023
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  • Dogecoin’s current stance is bearish with support and resistance levels mapped out.
  • Technical indicators, such as RSI and MACD, further accentuate the bearish trend.
  • A pivotal point for DOGE would be the $0.0591 mark; remaining below this could lead to further downward pressure.

In the ever-fluctuating world of cryptocurrencies, Dogecoin (DOGE/USD) has carved out a distinct niche for itself, often affectionately dubbed the “people’s crypto.” As of October 19, Dogecoin finds itself at a critical crossroads. Priced at $0.058204 and registering a 24-hour trading volume north of $121 million, it’s a testament to Dogecoin’s sustained allure. Yet, its recent 1.12% dip over the previous day suggests possible headwinds. Holding the 9th spot on CoinMarketCap and boasting a formidable market cap surpassing $8.2 billion, DOGE indisputably remains a major player in the crypto arena.

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

From a technical standpoint, an analysis of the 4-hour chart reveals pivotal price markers. A pivot point looms at $0.0572, introducing an immediate resistance threshold at $0.0593, succeeded by resistances at $0.0616 and a pronounced one at $0.0636. Conversely, downside support levels are identified at $0.0548, $0.0528, with a crucial support foundation at $0.0507.

 

Diving deeper into technical indicators:

The RSI, or the Relative Strength Index, registers at 33, leaning toward a bearish undertone. A figure beneath 30 is generally viewed as ‘oversold,’ hinting at a prospective upward turn. However, sitting at 33, Dogecoin is in proximity to this realm but hasn’t entirely entered it, suggesting there may be more bearishness to come.

 

In terms of momentum, the MACD, or the Moving Average Convergence Divergence, signals a prevailing bearish trend. The MACD line’s position beneath the signal line portends prospective bearish momentum on the horizon.

 

Furthermore, the 50-Day Exponential Moving Average (50 EMA) is clocked at $0.0591. Given Dogecoin’s price trails this EMA, it signifies a transient bearish trend. Compounding this bearish stance are discernible chart patterns, which present a bearish crossover beneath the 50 EMA, typically interpreted as a cue to sell.

 

The prevailing mood for DOGE/USD, at this moment, skews bearish, particularly if it remains beneath the $0.0591 marker. As such, traders would be wise to tread with prudence, anticipating that the coin might challenge further support levels in the imminent future.

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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