The price of Dogecoin is now in a mixed reaction, with the currency trading at $0.14 at the time of writing this analysis. The currency has lost nearly 3% of its value since yesterday. With a reputation for volatility, it’s been a while since we’ve seen a significant price shift.
Dogecoin hit a lower high of $0.14, and the fact that it couldn’t hold on to it suggests a lack of demand at higher levels despite strong purchasing pressure.
After falling below the 50-day EMA and peaking at $0.15, the currency is now trading around $0.14, indicating that further decline is likely in the near future.
The last few candles are quite long, indicating that buying interest is currently relatively slow. With low volatility levels projected to persist for some time, the currency may challenge this level once more.
The most sensible thing to do now is keep an eye out for substantial buy signals around that level, because if it is broken to the negative, the DOGE/USD pair would drop even deeper to $0.125, a previous support zone. If it can’t be broken, we might witness a gradual rise till it reaches $0.14 once more.
Is now a good time to invest in Dogecoin? Well, the price is at $0.14, and because we’ve established that it might rise from here, there’s not much reason not to buy now. With high volatility predicted to persist for the foreseeable future, there’s a chance we’ll witness substantial price changes in the next 24 hours.
The DOGE/USD pair is about to retest a previous resistance level ($0.14), indicating that it may shortly break higher. If it manages to break through this level, we could witness a breakout towards $0.15, which previously served as resistance. There aren’t many signals pointing to a breakout just yet, but one is expected in the coming days.
The 100 EMA line, which is currently trading at 0.13992964, shows a downturn, however it is not as powerful as it was previously. The MACD is currently in the bearish zone, but has not yet turned bearish.
The Eliot Wave indicator indicates that a correction from the bearish slope is possible. Over the next week or so, this could evolve into a very sluggish and steady climb.
According to the Dogecoin price analysis, the DOGE/USD pair is likely to hit $0.14 again in the next 24 hours, so purchasing around these levels is advised. Even if volatility is low, bearish momentum isn’t very strong right now.
30 May 2023
26 May 2023
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