Dogecoin Price Prediction Today, October 17, 2022: DOGE/USD Bears May Be Running Out of Strength

Downwards forces in the DOGE/USD market seem to be getting used up. This opinion is portrayed as price action seems to be pulling back from reaching lower supports.

Dogecoin Forecast Statistics Data:
DOGE’s current price: is $0.05890
DOGE’s market cap: $7.85 billion
Dogecoin’s circulating supply: 132.67 billion
DOGE’s total supply: 132.67 billion
Dogecoin’s Coinmarketcap ranking: #10

Key Value Marks:
Top: $0.05890, $0.05920, $0.05960
Base: $0.05850, $0.05820 $0.05790

Dogecoin Price Prediction Today, October 16, 2022: DOGE/USD Market Pulls Back
DOGE/USD price has largely maintained the resistance and support formed by the used Bollinger indicator. And, now the most recent price candle on this chart has pulled the price back from the floor of the Bollinger indicator. Furthermore, the Stochastic has made the second attempt to undergo a bullish crossover. With the appearance of the last candle on this chart, we can anticipate that the bullish crossover will occur significantly if things end convincingly in favor of buyers. Once this happens, we may witness a trend reversal, and buyers can expect the resistance of $0.06100 to be broken in the short term.

Dogecoin Price Prediction Today, October 17, 2022: DOGE/USD Bears Are Still Around
Looking at the four-hour chart for DOGE/USD, we could see that selling pressure is battling buying pressures. After a green candle appeared above the MA of the Bollinger the current session started below the MA, bringing the price down. Consequently, this appears to have caused the faster line to curve towards the slower one.

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If the Sellers can convincingly win this session, a bearish crossover may be signaled as the price falls lower. However, since the RSI lines are now above the 50% level, this indicates that price may reverse above the MA. Eventually, this will portray that Dogecoin’s value may further increase.