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February 28, 2023
After closing at $0.081 today, DOGE began today at $0.081 with significant bullish sentiment driving DOGE's price action higher. So far today, price action has drawn out a distinct $0.081 to $0.083 range.
Dogecoin made an initial breakout above its 5 day Simple Moving Average at $0.083, a potential indicator of a newly emerging bullish phase. A "hammer” chart pattern. When appearing during a bearish trend, as it is now, it is typically considered to be an indication of a trend reversal. DOGE's lower Bollinger Band® is at $0.079, indicating that the market is oversold and fertile for new buyers. Despite this, DOGE could be slowing down soon as it approaches resistance at $0.083. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts DOGE to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the DOGE is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as having closed the previous session at $1.24, FTX Token is up 9.54% today to currently trade at around $1.36. EOS added 3.04% to its value, now trading at $1.16.
At the same time, UNICORN Token USD closed at $6.43 (down 2.98%).
Dogecoin reached a significant high of $0.16 around 10 months ago but has lost 49.09% since then. Dogecoin is currently trading with a market cap of 10.84 billion with an average daily volume of 431.96 million.
