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May 14, 2023Dogecoin posts light gains on a low-volatility day, ranging between $0.071 – $0.073 and is now at $0.072.
Dogecoin made an initial breakout above its 5 day Simple Moving Average at $0.072, a potential indicator of a newly emerging bullish phase. DOGE's lower Bollinger Band® is at $0.069, indicating that the market is oversold and fertile for new buyers. Despite this, Dogecoin could be slowing down soon as it approaches resistance at $0.072. Of course, crossing it might suggest further gains are ahead.
Following today's unexpected gains, extensive multifactorial technical analysis forecasts Dogecoin to buck against its prevailing downtrend and begin to turn higher in the short term. With all probabilities considered, the Dogecoin is expected to pick up significant bullish sentiment in the coming days.
Other markets are also showing gains as FTX Token is up 9.54% to $1.36. Having closed the previous session at $80.27, Litecoin is up 3.47% today to currently trade at around $83.06.
At the same time, after ending today's session at $6.63, UNICORN Token USD lost $0.197 and is trading around $6.43.
Over the past 6 months, DOGE has retreated 49.49% from a noteworthy peak of $0.142. Dogecoin is currently trading with a market cap of 10 billion with an average daily volume of 332.23 million.
