DOGE continues to retrace lower support. Furthermore, signs from indicators portray that this crypto is almost reaching its lowest possible level. If this is so, then it is ok for us to anticipate an upside correction soon enough.
Dogecoin’s Forecast Statistics Data:
Dogecoin’s current price: is $ 0.06154
Dogecoin’s market capitalization: $8.2 billion
Dogecoin’s Circulating supply: 132.67 billion
Dogecoin’s Total supply: $132.67 million
Dogecoin’s Coinmarketcap ranking: #10
Therefore, this makes it necessary for us to critically examine price movement in this market. This is because doing this may help us to catch in early on developing trading opportunities.
Major Price Marks:
Resistance levels: $0.06490, $0.06500, $0.06700
Support levels: $0.06600, $0.06500, $0.06154
DOGE Minimally Retraced Lower Resistance, Buy TAMA and Buy Long
During the past trading sessions, activities on the DOGE/USD https://insidebitcoins.com/buy-cryptocurrency/buy-dogecoin daily chart show that the price of this crypto has fallen lower. Although this seems like just a very minimal downside correction, it stands that the previous support has been broken. Eventually, this brought the price to $0.06154. Furthermore, the Bollinger indicator expands at the lower limit to indicate that further downside value retracement may be seen. Nevertheless, the activities on the RSI show that the price may not have much room to fall to, as the curves of this Indicator appears flat out in the oversold region. At this point, the price may only fall lower to just around $0.06050 before an upward correction begins. Traders looking to trade in this market on a short-term basis can enter with a buy stop, with entry around $0.06200.
Dogecoin Price Analysis: DOGE/BTC Breaks Lower Support More Significantly
On the DOGE/BTC trading chart, value action falls more significantly to lower support. This can be seen as the last candle on this chart forms as a much bigger bearish candle, thus covering more distance than the one on DOGE/USD chart. Moving on, trading Indicators are showing that the downtrend may continue. The Moving Average curve can be seen staying above price movements to portray that there may be a further fall in value.
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Also, the RSI curves keep plunging towards the zero mark. More precisely the lines are at 0.57% and 2.20% mark faster and lower respectively. Judging by the depth reached by the lines of this Indicator, we can anticipate two things. The first one is that if buying pressure doesn’t resume value activity and may stay flat on the 0.00% mark sometimes. While the second is that traders may have anticipated this level and may have placed a buy order there, consequently buy pressure will be triggered and the price will eventually rise from here. Therefore placing a pending buy order around 0.00000314 is still the best option.
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