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Dogecoin took a fast lane to lower support recently. And, currently, this crypto appears to lack upward momentum. At this point, we can only hope that the crypto has gotten to a strong support from, which it’s can retrace higher resistance level. Be that as it may, let’s examine the signs here.
DOGE’s Forecast Statistics Data:
DOGE’s current price: is $1537
DOGE’s market capitalization: $8.38 billion
DOGE’s Circulating supply: 132.67 billion
DOGE’s Total supply: $132.67 million
DOGE’s Coinmarketcap ranking: #10
Important Levels:
Resistance levels: $0.06331, $0.06530, $0.06600
Support levels: $0.06300, $0.06280, $0.06250
Dogecoin May Consolidate, but the Basis on Tamadoge Is Bullish
The DOGE/USD trading chart shows that buyers aren’t having much effect in this market. This can be seen from how much selling pressure has exerted some downward force on price action. At this point, even trading indicators aren’t foretelling of a much brighter future. The Exponential MA can be seen to lie above price movement, and this portrays possibility of further downward correction. Also, the Stochastic RSI is now flat in the oversold. However, at the terminal, we can see that the lines are lifting upwards and irregularly. From this, we can only hope that some strength may be returning into this market, nevertheless placing a pending buy order around $0.06500 still looks like the best trading decision here.
Dogecoin’s Price Analysis: Buyers Are Re-Entering the DOGE/USD Market
Looking at the 4-hour chart for DOGE/USD we can begin to see that buying pressure is now becoming visible in the market. But at the same time selling was quick to oppose the buying pressure, this can be seen by the last candlestick on this chart. Also, the price activity has been able to cross above the MA of the Bollinger band indicator. However, the Stochastic RSI is rising too quickly. This is pointing to the fact that this market is fragile, and a reversal can quickly happen as well. However, Dogecoin’s value may rise to just around $0.06800 before a reversal occurs.
Your capital is at risk
Therefore traders in this market may want to exercise caution, as the this market may consolidate as predicted. However, this market may experience a turnaround if buyers should eventually overpower sellers.
The newest Doge on the block, Tamadoge is coming out the gate barking, becoming one of the biggest hyped meme coins of all time and pushing the boundaries of the Play-to-Earn space, in order to provide a game that people will be climbing over each other to use.
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