December 16, 2023 at 10:45 PM GST updated: December 16, 2023 at 10:46 PM 1 min read News
  • Dogecoin rebounds from $0.91, indicating buyer confidence, but struggles to surpass $0.10.
  • Potential drop towards $0.9 if sellers push below MA, risking further decline.
  • Upward trend in moving averages and favorable RSI suggest buyers could lead a breakout.

Dogecoin (DOGE) has shown resilience, rebounding from a low of $0.90. This recovery demonstrates a renewed confidence among buyers, particularly near the dip. Despite this upturn, DOGE faces challenges in breaching the $0.10 mark, currently trading at $0.095, marking a 0.9% increase from yesterday.

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The current market scenario shows sellers actively trying to push DOGE’s price below the Moving Average. Should they succeed, it could amplify selling pressure, potentially driving the price down towards the channel’s support line at $0.9. Although this level may provide some support, a breach could lead to further decline towards $0.07.

However, the upward trajectory of moving averages, combined with the Relative Strength Index (RSI) positioned in a favorable zone, indicates a potential upper hand for buyers. If buyers manage to push DOGE above the channel’s resistance, it could target a rise toward $0.11. Furthermore, surpassing the $0.13-$0.18 range might enable the cryptocurrency to consolidate in a bullish region around $0.2.

The future of Dogecoin in the cryptocurrency industry remains optimistic. Its ability to bounce back and the potential for upward movement reflect its resilience and growing interest among investors.

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