Dogecoin Price Prediction as DOGE Tumbles and Bounces Back – Is the Sell Off Over?
With a current price of $0.173 and a nearly 4% decline in the last 24 hours, Dogecoin’s trading volume stands at $2 billion, solidifying its position at #8 on CoinMarketCap.
The market cap for Dogecoin sits at $25billion, supported by a circulating supply of 144 billion DOGE coins.
Amidst the recent volatility in the cryptocurrency market, let’s take a look at Dogecoin price prediction today.
The current technical landscape of Dogecoin unveils critical price levels, with the pivot point resting at $0.1884. Immediate resistance looms at $0.2072, succeeded by higher barriers at $0.2283 and $0.2508.
Conversely, immediate support is observed at $0.1696, followed by lower thresholds at $0.1457 and $0.1235.
Technical indicators, including the Relative Strength Index (RSI) at 36 and the 50-day Exponential Moving Average (EMA) at 0.1882, suggest a bearish momentum.
Dogecoin previously breached an upward channel around the $0.2070 level, signifying a shift in sentiment.
The formation of bearish candles, coupled with a bearish crossover below the 50 EMA, reinforces the notion of a selling trend.
Presently, the market is characterized by a double top pattern, maintaining a bearish stance under the $0.1884 threshold.
In conclusion, the overall trend for Dogecoin is deemed bearish below the $0.1884 level. A breakthrough above this resistance could potentially inject bullish sentiment into the market, while a failure to do so might further strengthen the prevailing bearish bias.
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