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Story Highlights,
- Dogecoin’s price could continue corrections until DOGE maintains its descending trendline. According to coinmarketcap the top meme coin’s market cap is $49.5 billion, indicating a surge of 5,72 in 24 hours.
- Dogecoin’s 24-hour volume is $1.47 billion, which indicates a loss of 33.45%. Dogecoin price analysis: The
cryptocurrency market traded fairly stable on Saturday, despite the success of the fourth Bitcoin halving. The consolidation trend continues for most major coins, including Dogecoin. This indicates that there is no dominant buyer or seller. The DOGE price remaining above the 50% level of retracement indicates that the overall trend for this asset is bullish.
Read also: Experts Picked Cryptos To Buy Before 2024’s Bitcoin Halving.
Dogecoin Market Strategy is Shaped by the 50% Fibonacci level.
Dogecoin price has experienced a correction for three weeks. This trend is highlighted by the downward trendline on the daily chart. The bearish decline that began from the high of $0.228 slashed the ADA value by 43% to a minimum of $0.13. The Bitcoin price showed a sustained rise above the psychological $60000 level. As a result, Dogecoin’s price rose above the 50% Fibonacci level of $0.143. This FIB support level is a critical level to help buyers regain bullish momentum during a major correction.
DOGE have displayed several lower-price reject candles at the 0.143 level for over a week. This signals that buyers are protecting this support. The Doge price will be well-positioned to reverse if the expected altcoin rally after the halving occurs.
A renewed recovery after the 50% retracement is likely to encourage buyers to challenge the trendline of resistance above. This breakout signals the continuation of the current rally, which will propel the DOGE to $0.22. However, there is resistance in between at $0.2. The daily chart analysis shows that the 100-day EMA and the 50-day EMA act as dynamic support and resistance for the DOGE currently consolidating price. Moving Average Convergence divergence (MACD):
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- Author About
- Disclaimer
Sahil has been a full-time, dedicated trader in the financial market since 2013. He keeps an eye out for daily changes in the prices of stocks and indexes. Sahil’s fascination for financial instruments led him to embrace the new world of cryptocurrency. He continues to pursue opportunities driven by trading.
This content is subject to the market conditions and may contain the opinion of the writer. Before investing in cryptocurrency, do your research. You are not responsible for any financial losses you may suffer.