Dogecoin Gives Signals on Behalf of a Bottom-Up Buying Opportunity: DOGE Price Analysis

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The most popular joke is cryptocurrency Dogecoin, down 13% in the downturn recorded earlier this morning, which led to the cryptocurrency market losing more than $300 billion in value. The decline has been turned into an opportunity as the redlining of crypto currencies has swept an amount of more than 300 billion dollars from the market value.

The Decline in the Cryptocurrency Market

The Dogecoin price is trading above $0.23 after a 13% drop. The cryptocurrency market was led by the decline of the leading Bitcoin up to $ 58,000. According to CMC data, many altcoins have turned red.

Altcoins have collectively lost more than $100 billion in value in the last 24 hours. Ethereum fell by 12%, approaching the $ 4,000 limit, while its market capitalization fell below $ 500 billion. According to expert analysts, the current correction across the market is a healthy move in the name of continuing the rise. Dogecoin its price is preparing to use the 0.24 dollar level as a ramp. Bulls, aggressively defending the downtrend, have successfully tested the key points.

Required and Expected Levels to be Monitored on Dogecoin

while the 50-day Simple Moving Average was translated into resistance, the RSI stepped into oversold territory. This indicates that the bears are taking over the momentum in the Dogecoin price. But according to experts Dogecoin the upward trend will be confirmed if it crosses the 50-day SMA level and sweeps the 0.26 dollar trend line, which refers to the 100-day SMA. This step will be the first sign that sales pressure is falling.

Dogecoin its price will move to $ 0.28 with confirmation of the uptrend, and then to $ 0.2838 with a resistance of 200 SMA. The moving course of the crypto currency market at the moment invites investors to think logically before buying and selling. The Dogecoin price continues to trade at the 0.24 dollar levels as of the time of this writing.

Disclaimer Of Liability: The information contained in this article absolutely does not contain investment advice. Investors should be aware that crypto currencies have high volatility and therefore risk, and they should conduct their transactions in accordance with their own research.
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