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Dogecoin’s Rise: A Technical Dive into DOGE’s Performance

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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 26, 2023 | 2 min
Updated on Oct 26, 2023
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  • DOGE/USD is bullish, trading at $0.071351, marking a 7.98% increase.
  • RSI at 73 suggests overbought conditions but also underlines a strong bullish sentiment.
  • With DOGE trading above the 50 EMA at $0.06380, the short-term trend remains bullish.

Dogecoin, once a meme-inspired cryptocurrency, has now solidified its presence in the top echelons of the crypto market. As we dissect its performance on October 26, we find that it’s been a bullish day for DOGE. With an impressive 7.98% rise in the past 24 hours, Dogecoin’s movements and technical indicators offer insights crucial for both day traders and long-term investors. Let’s delve into the nitty-gritty of its technical outlook

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

Dogecoin Price Prediction: Technical Outlook

Today, DOGE/USD is trading around $0.071351. In the past 24 hours, Dogecoin has witnessed an impressive trading volume of $683,781,112 USD, propelling it to the #9 spot on the CoinMarketCap rankings. Its live market cap stands robustly at $10,100,808,429 USD with a circulating supply of 141,565,616,384 DOGE.

 

Taking a snapshot from the 4-hour chart, the pivot point for Dogecoin is placed at $0.06850. On the upside, Dogecoin might soon test the immediate resistance level at $0.07150. If the momentum continues, we could see it push further towards $0.07450. However, if it breaches that, the next stop could be $0.06550. Alternatively, should the bears take control, DOGE might seek support at $0.06350, followed by deeper supports at $0.06050 and $0.05850.

 

From a technical indicators standpoint, the Relative Strength Index (RSI) is currently at 73. This suggests that DOGE is in overbought territory, which might hint at a potential price correction. However, it’s also an indication of the prevailing bullish sentiment surrounding Dogecoin.

 

The MACD, another crucial indicator, stands at 0.0004, with its signal line at 0.0021. The positioning suggests that the MACD line is below the signal line, pointing towards potential downward momentum. However, it’s essential to note that this could change rapidly depending on market dynamics.

 

Lastly, the 50-Day Exponential Moving Average (50 EMA) for Dogecoin is at $0.06380. With the current trading price above this EMA, it underscores a short-term bullish trend. Such positioning is a testament to the recent buying interest in Dogecoin.

 

Conclusion: In the broader picture, Dogecoin remains bullish as long as it trades above the $0.06850 mark. However, given the overbought RSI, traders should exercise caution. In the short term, we might see Dogecoin test the immediate resistance of $0.07150.

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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