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May 10, 2023
Slightly weaker but mostly flat: DOGE is currently trading at $0.073 as it maintains an active range between $0.073 and $0.073.
Despite being in the red so far in the current trading session, Dogecoin peaked above its 3 day Simple Moving Average around $0.074 — typically an early indicator of a new bullish trend beginning to emerge. 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. Dogecoin's lower Bollinger Band® is at $0.072, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
Overall, looking at the technical analysis landscape, it seems Dogecoin —which is currently on a downtrend— might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other markets, Bitcoin Cash is down to $119.05, losing $2.93, after closing at $121.98 in the preceding trading session. After ending today's session at $0.429, Ripple lost $0.003 and is trading around $0.426.
Other assets are showing positive performances as FTX Token is up 9.54% to $1.36.
6 months ago Dogecoin reached a significant high of $0.142 but has consequently lost 48.56% since then. DOGE has a market cap of 10.16 billion with an average daily volume of 488.72 million.
