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Dogecoin price prediction: multi-time technical analysis

August 17, 2023
in Analysis
Reading Time: 3 mins read
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Dogecoin value was not left behind within the latest cryptocurrency sell-off. The coin dropped to a low of $0.067, the bottom stage since July 18th. It has dropped by greater than 20% from the best stage in July and over 58% from the best stage in 2022. Different cash like Bitcoin, Litecoin, and Hedera Hashgraph have additionally dipped.

Dogecoin value forecast (day by day chart)

The day by day chart reveals that the DOGE value has been in a powerful bearish development after peaking at $0.1587 in October final yr. It has underperformed the crypto market, partly due to the sturdy progress of other meme cash like Bone Shibaswap, Pepe, and Dangerous Concept. 

The coin has remained under the descending trendline, which connects the best ranges since December final yr. On the similar time, the coin has moved under the 25-day and 50-day exponential transferring averages (EMA). 

Dogecoin value is hovering barely above the essential help stage at $0.065, the bottom level in March and December final yr. The Relative Energy Index (RSI) has moved under the impartial level at 50 whereas the Stochastic Oscillator has moved under the oversold stage.

Due to this fact, DOGE value will seemingly have a bearish breakout within the subsequent few days. If this occurs, the following stage to observe shall be at $0.055, the bottom stage on June tenth 2023 and September final yr. The stop-loss of this commerce is at $0.080, the descending trendline.

DOGE value evaluation (4H chart)

Turning to the four-hour chart, DOGE value has been in a downtrend prior to now few weeks. It has managed to maneuver under the ascending channel proven in black. It dropped under that stage on August 2nd after which retested it on August fifth. In technical evaluation, a break and retest sample is often an indication of a bearish continuation.

Dogecoin has additionally retreated under the 25-period and 50-period transferring averages whereas the Relative Energy Index has moved under the oversold stage. Due to this fact, the outlook of the token is bearish, with the following stage to observe shall be at $0.063. 

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