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Dogecoin’s Steady Climb: Eyes on $0.0968 Resistance

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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 December 19, 2023 | 2 min
Updated on Dec 19, 2023
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  • Dogecoin currently trades near $0.092671, with a slight 0.53% increase.
  • Key resistance at $0.0968, pivot point at $0.0861, and immediate support at $0.0792.
  • Mixed technical indicators suggest a bearish trend below $0.09400; potential sideways trading.

In the ever-evolving cryptocurrency market, Dogecoin (DOGE/USD) continues to make a steady climb, drawing the attention of traders and investors alike. As it currently hovers around $0.092671, up by a modest 0.53% in the last 24 hours, Dogecoin’s resilience is notable amidst market fluctuations. With its sights set on the crucial resistance level of $0.0968, the coin’s performance is under keen observation. This movement comes amidst a broader context of market dynamics, where Dogecoin’s position as the 10th largest cryptocurrency by market cap adds to its significance in the digital currency landscape

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Dogecoin Graph dec 19
DOGE/USD Price Chart – Source: Tradingview

Dogecoin Price Prediction: Technical Outlook

In the dynamic realm of cryptocurrency, Dogecoin (DOGE/USD) is showcasing a subtle yet intriguing performance. As of December 19, Dogecoin is trading at $0.092671, marking a modest increase of 0.53% within the last 24 hours. This places DOGE as the 10th ranked cryptocurrency by market cap, currently standing at $13.19 billion, with a notable trading volume of over $675 million.

Analyzing the 4-hour chart, Dogecoin’s pivot point is set at $0.0861, which plays a critical role in determining its short-term trajectory. The immediate resistance is seen at $0.0968, with further resistance levels at $0.1036 and $0.1145. On the support side, the coin finds its first level at $0.0792, followed by $0.0686 and $0.0579. These levels will be pivotal in the coming days for DOGE traders and investors.

The technical indicators paint a mixed picture. The Relative Strength Index (RSI) stands at 46, hovering just below the neutral 50 mark, suggesting a slight bearish sentiment among investors. However, the Moving Average Convergence Divergence (MACD) is neutral, with a reading of 0.00000 against a signal line of -0.0011, indicating a potential for either upward or downward momentum.

The 50-Day Exponential Moving Average (EMA), currently at $0.0939, further adds to the complexity of Dogecoin’s market outlook. This level is just above Dogecoin’s current price, hinting at a potential bearish trend in the short term. However, the symmetrical triangle pattern observed in the chart suggests a neutral bias among investors, indicating that the coin might trade sideways for now.

In conclusion, the overall trend for Dogecoin appears bearish below the $0.09400 mark. However, if the coin manages to break above this level, it could test the immediate resistance at $0.0968. The short-term forecast remains cautiously optimistic, with a potential to challenge higher resistance levels, especially if DOGE maintains above the key pivot point and 50 EMA. Investors should closely monitor these technical indicators for any significant shifts in market sentiment.

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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