Will Dogecoin Bounce Back To $0.07? Here’s What To Watch For
September 25 2023 - 06:30AM
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Dogecoin (DOGE) has been ensnared in a prolonged period of
stagnation, hinting at the ongoing battle between the bulls and
bears for market control. This extended phase of inactivity has
been persistent for over a month, signifying a short-term
consolidation stage. Against the backdrop of a tumultuous
cryptocurrency market, DOGE enthusiasts and investors are eagerly
seeking cues for the coin’s next move. A meticulous examination of
the daily chart in a price analysis unravels two distinctive
patterns that have been shaping DOGE’s price trajectory. There is a
range formation with defined limits at $0.068 and $0.056, anchoring
the coin’s recent price movements. In addition, an ominous
descending resistance trendline looms large, presenting an
additional hurdle for DOGE’s potential ascent. Related Reading: XRP
Forecast: Is A Retreat Below $0.5 Likely Before October? Bearish
Dogecoin Impediments And Crucial Thresholds In light of the recent
downturn in the broader crypto market, DOGE is currently grappling
with formidable supply pressure around the $0.063 mark. The
persistence of the descending trendline is emboldening sellers,
increasing the likelihood of a retest of the enduring support at
$0.059. Should this crucial level be breached, validated by a daily
candle close, it could potentially intensify bearish sentiments,
setting the stage for a 5.5% downturn toward the $0.056 level.
However, amidst this challenging terrain, the $0.059 support level
converges with an ascending trendline, generating a region of
heightened significance. Should the buyers seize this juncture of
market indecision, a successful breakthrough above the descending
trendline could breathe fresh life into bullish sentiment. A
confirmed breakout has the potential to usher in a rally,
potentially propelling DOGE by an estimated 10%. DOGE market cap
currently at $8.5 billion. Chart: TradingView.com Market Snapshot
And Insights From Analysts Presently, the global crypto market
capitalization stands at $1.06 trillion, witnessing a marginal
0.41% decrease over the last day. DOGE is currently trading at
approximately $0.060725 according to CoinGecko, with a 24-hour
decline of 1.3% and a seven-day loss of 1.6%. Total market
capitalization for #Crypto fights the resistance here of the
200-Week EMA. I think it’s just a matter of time until we flip
above it. Probably 1-2 weeks if Ethereum ETF Futures could be
approved and Uptober begins. pic.twitter.com/UyKNjgUgf1 — Michaël
van de Poppe (@CryptoMichNL) September 21, 2023 Meanwhile, crypto
analyst Michael Van de Poppe posits that the overall crypto market
capitalization is currently testing the resistance level of the
200-week EMA. He asserts, “I believe it’s only a matter of time
before we breach it, possibly within 1-2 weeks if Ethereum ETF
Futures gain approval and Uptober commences.” Related Reading:
ImmutableX Makes Noise As IMX Dominates Top 50 Roster With 33%
Climb Dogecoin is currently at a critical juncture, navigating a
consolidation phase in a market filled with uncertainty. Traders
and investors are closely observing the developments, eagerly
awaiting cues that will shape DOGE’s path forward. Both bullish and
bearish possibilities are on the horizon, making the upcoming weeks
pivotal for DOGE and the broader cryptosphere. (This site’s content
should not be construed as investment advice. Investing involves
risk. When you invest, your capital is subject to risk). Featured
image from iStock
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