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June 09, 2023
After closing at $0.068 today, DOGE began today at $0.068 with significant bullish sentiment driving DOGE's price action higher. So far today, price action has drawn out a distinct $0.068 to $0.071 range.
Dogecoin made an initial breakout above its 10 day Simple Moving Average at $0.07, 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 $0.067, indicating that the market is oversold and fertile for new buyers. Despite this, Dogecoin price action is currently oscillating around the $0.069 resistance level with prices moving above and below several times during the session.
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 Dogecoin is expected to pick up significant bullish sentiment in the coming days.
Dogecoin shows positive signs, other assets are also on par: FTX Token rallies 9.54% to trade around $1.36.
At the same time, TRON drops 7.8% to trade around $0.071. Cardano is down $0.023 from the beginning of the session and now trades around $0.3.
Dogecoin has fallen back around 52.19% over the past 7 months, from a notable high of $0.142. DOGE has a market cap of 9.64 billion with an average daily volume of 205.18 million.
