Will DOGE Bounce Back in 2023?

Trend Evaluation

By analyzing the price data of the DOGE coin, it is observed that it is in a downtrend currently. The price declined by -4.24% in the last seven days and we can say that Dogecoin not performed well the previous week. 

From its peak price of $0.731578, it fell -89.83% in the last 2 years. As of now, No huge volume is present in Dogecoin. There is bearish dominance in the market. It have a $368,677,017 volume in the last 24 hours, which decreased to -22.30 in the last 24 hours.

Trendline Analysis 

The price has respected its significant trendline support, and is heading for resistance. As soon as the price breaks the trendline,  it will rise to the next resistance and if it gets rejected by the resistance, then it will fall back to the current support.

Dogecoin Technical Analysis

The price of Dogecoin (DOGE) has slipped below 50 and heading towards 200 SMA, which suggests that the price is in a bearish trend. If the sellers continue to push the price down, the coin’s value may fall even further in the upcoming week. 

The technical indicator MACD is also in the negative zone. The MACD line at -0.0002 and signal line at -0.0013 is below the zero line, suggesting that the MACD is in negative territory and is giving bearish signals.

The current value of RSI is 46.01 points. The 14 SMA line is currently below the median line, around 49.64 points which shows bearish sentiment in the market. The bearish trend is indicated by the 14-day SMA line below the median line. As the price is heading towards oversold territory, the market is experiencing bearish sentiment.

Technical Levels

• Support – The current support level of DOGE is $0.0725.
• Resistance –The current resistance level of DOGE is $0.0800.

Conclusion

Dogecoin (DOGE) is going through a tough time in the market. The price movement suggests that the price could fall further in the coming days if it breaks its main trendline support level. DOGE price shows a negative outlook at the present time. Major trustworthy indicators like EMA, RSI, and MACD give unfavorable signals about Dogecoin.

Disclaimer

The analysis provided in this article is for informational and educational purposes only. Do not take this information as financial or trading advice. Trading and investing involve financial risk. Before making any investment or trading decision, please consider your risk profile and circumstances.

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