It is very easy to notice that the DOGE/USD market is ranging without significant retracement in either direction. We can say that this market isn’t active, thus may not hold much opportunity for even short-term traders.
Dogecoin Analysis Statistics Data:
DOGE value now: $0.05886
DOGE market cap: $7.91 billion
Dogecoin moving supply: 132.67 billion
The Total supply of DOGE: 132.67 billion
Dogecoin’s Coinmarketcap ranking: #10
Furthermore, we shall study both the DOGE/USD and the DOGE/BTC. This will help us to know what to do in these markets at this point.
Notable Price Levels:
Resistance: $0.05900, $0.05925, $0.05980
Support: $0.05886, $0.05826, $0.05736
Dogecoin Price Prediction Today, October 20, 2022: DOGE/USD Is Flat
It is quite easy to perceive that DOGE/USD price movement lacks steam. And as such this market appear lifeless in recent days, as price candles align almost horizontally to the side. Furthermore, price action is now under the Moving Average line, and it has been there for some time. Therefore this implies that Dogecoin’s price isn’t ready to trend upward even at this point. At the same time, it isn’t likely that any downtrend here will break the floor of the price channel at the price of $0.05736.This opinion is bolstered by the activities on the MACD indicator, as the lines appear flat and very close to each other. Also, the growth of the histogram on the negative side of the MACD further portrays a lack of strength as these histogram looks very small. Traders can expect the price to fall to at most $0.05736.
Dogecoin Price Prediction Today, October 20,, 2022: DOGE/BTC Stays at Lower Levels
Activities on the DOGE/BTC market as well isn’t that encouraging, as price movements stay within reach of downward forces. Also, in this market price activities have been under the Moving Average line as well. In the past two days price in this market has made effort to move higher, however it seems the poor performance of DOGE in the DOGE/USD market is Influencing this market too. In this current session, price may proceed higher if the buyer should eventually wins this session.
The MACD portrays that buyers are trying to initiate an upside crossover. This can be seen as the MACD faster line now bends towards the slower one. By implication, should the buyer eventually win this session this will contribute significantly to the actualization of the bullish crossover? Therefore, traders can place a buy order at 0.00000318, if triggered, the price may move higher.
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