DOGE On The Move: Rebound To End 1-Day Bearish Move?
14 Junio 2024 - 9:30AM
NEWSBTC
Despite the dominant bearish trend in the market, the well-known
meme-based cryptocurrency Dogecoin (DOGE) is making an effort to
recover. This unanticipated upward trend occurs even though
sentiment and general market conditions are still primarily
negative. Traders and investors are keeping a careful eye on the
situation as DOGE attempts to make up some lost ground, trying to
decipher what this possible turnaround might mean. Several factors
could be driving this attempt at recovery, including market
reactions to news events, changes in investor sentiment, or
technical indicators signaling oversold conditions. However, the
question remains: can DOGE sustain this rebound and reverse the
bearish trend, or is this merely a temporary uptick before further
declines? This introduction delves into the dynamics behind
DOGE’s current price action and explores what investors might
expect in the near future. As of this writing, DOGE has a market
capitalization of over $20 billion, a trading volume of over $715
million, and a price increase of 1.33%, trading at around $0.14297
over the past 24 hours. The market capitalization and trading
volume of DOGE has experienced a decline of 0.73% and 43.92%,
respectively. DOGE Upswing Analyzed While the price of DOGE is
currently trading below the 100-day Simple Moving Average (SMA), an
analysis of the price movement on the 4-hour chart shows that DOGE
is attempting an upswing by dropping bullish candlesticks. Also,
given that the 4-hour composite trend oscillator indicator’s signal
line has crossed above the SMA and is moving towards the zero line,
it supports the previous assertion that the price of DOGE may
increase. On the 1-day chart, DOGE’s price is attempting a bullish
move by developing a bullish candlestick while trading below the
1-day SMA. What this indicates is that DOGE’s price may move upward
and at some point, it might start to decline again. The signal line
and SMA of the composite trend oscillator indicator on the 1-day
chart have made a cross and are attempting a drop below the zero
line. This supports the above claim that at some point DOGE’s price
might begin to drop again. Bullish Or Bearish Trajectory? If this
upswing continues, the price of DOGE will advance towards the
$0.14911 resistance level, despite DOGE’s continued pessimistic
outlook. DOGE might climb higher to challenge the resistance level
of $0.16490 if it breaks above the $0.14911 level. Should there be
a break above the previously indicated level, the crypto asset may
turn bullish. There is a tendency that DOGE’s price will begin to
decline toward the $0.13580 support level if it fails to break
above the $0.14911 level. The crypto asset will decline further to
challenge the $0.12014 support level in the event of a break below
the $0.13580 level and even other levels after that. Featured image
from iStock, chart from Tradingview.com
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