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March 08, 2023
Dogecoin dropped to $0.073, hitting its lowest point in 8 weeks. Later, it recovered $0.001 and is now trading at $0.074.
A study of Dogecoin's chart reveals various key levels to watch: Dogecoin is currently alternating around $0.073 with price action moving above and below this key level throughout the session. Technical analysis trend indicators suggest that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Analysis based on the asset volatility indicates that DOGE's lower Bollinger Band® is at $0.071, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
All in all, the technical analysis suggests Dogecoin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, Solana is down to $19.29, losing $0.988, after closing at $20.28 in the preceding trading session. Tezos USD is down $0.04 from the beginning of the session and now trades around $1.07.
Positive performances can be seen by looking at other markets as FTX Token rallies 9.54% to trade around $1.36.
Dogecoin is now trading 53.65% below the significant high of $0.16 it set around 11 months ago. DOGE is currently trading with a market cap of 9.75 billion with an average daily volume of 387.99 million.
