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July 04, 2023
After closing at $0.068 today, Dogecoin began today at $0.068 with significant bullish sentiment driving Dogecoin's price action higher. So far today, price action has drawn out a distinct $0.068 to $0.071 range.
Despite posting gains so far today, Dogecoin slid below its 50 day Simple Moving Average at $0.068 in earlier trade — an early indicator that a negative trend could be emerging. A "hanging man” chart pattern. When appearing at the top of a bullish trend, it is typically considered to be an indication of a trend reversal. Bollinger Band® analysis indicates that current price action is approaching the upper band at $0.07, thereby suggesting that DOGE is becoming overvalued. In contrast, price action remains constrained around the key Fibonacci level of $0.07 currently serving as resistance
Technical analysis of Dogecoin price action suggests it is likely to undergo a short-term reversal amid broader bullish sentiment.
Other markets are also showing gains as FTX Token gained 9.54% and is now trading at $1.36.
At the same time, after ending today's session at $290.41, Bitcoin Cash lost $13.41 and is trading around $277. EOS is down to $0.743, losing $0.024, after closing at $0.767 in the preceding trading session.
Dogecoin reached a significant high of $0.142 around 8 months ago but has lost 51.9% since then. DOGE is currently trading with a market cap of 9.63 billion with an average daily volume of 280.46 million.
