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Ever since Dogecoin has experienced a sharp downward rebound at a higher resistance, the price action for this crypto has kept on retracing lower supports. Each attempt to retrace higher support has remained too weak. And, because of the weakness in this market, even the minimal recorded gain could only be considered a short consolidation period.
DOGE Forecast Statistics Data:
DOGE current price: $0.0607
DOGE market cap: $8.12 billion
DOGE circulating supply: 132.65 million
DOGE total supply: 132.65 billion
DOGE Coinmarketcap ranking: #10
In this analysis, we will examine the price movements of the DOGE/USD and DOGE/BTC markets. And from these, we shall try to deduce what can be expected from this market and how to make the best from it.
Important Price Marks:
Top levels: $0.0607, $0.0650, $0.0700
Bottom levels: $0.0580, $0.0540, $0.0500
This May Be the Start of Another Minimal Gain for Dogecoin, Massive Gains on Tamadoge
DOGE/USD daily trading chart reveals that some dip buyers are active in this market. And, this has caused the formation of the last bullish candle on this chart. However, we cannot expect too much at this point, as this is just the start, and indicators aren’t yet giving enough positive signs. The MA curves can be seen trying to meet each other above price activity. And, this activity will result in price diving deeper towards lower support. Furthermore, the MACD curves are still below the 0.000% level, and this indicator curves can only be seen coming closer. However, at this point, we can’t say if these curves is already signaling a significant uptrend in price. Therefore, Traders should wait for more confirmation from trading indicators in Dogecoin market.
Dogecoin Price Deduction: Doge/BTC Hints on Some Optimism
Looking at the Moving Average Convergence Divergence indicator for the DOGE/BTC market, we can see that the market may rise significantly. Here we can see that the curves of the MACD remain above the 0.000% level. Also, these curves appeared to be moving closer to cross each other. The eventual occurrence of a cross between these lines will indicate upside momentum gain. Nevertheless, this will only happen if buying pressure continues.
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Additionally, the last price candles on this chart have somehow had its body caught in between the MA lines. So, should buying pressure continue the next candle will eventually form above the two MA lines? However, should Selling pressure become more significant, price will find support at a lower value level. Traders can anticipate that the value of Dogecoin versus Bitcoin may rise to around 0.00000330.
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