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February 25, 2023
After closing the previous trading day at $0.081, Dogecoin went up to $0.082 only to drop back; still positive overall today, now trading at $0.081.
Chart analysis indicates Dogecoin is 1 cents away from testing key resistance at $0.084. Peaking above this level could inspire market bulls and open the path to further gains. Concerning technical analysis and more specifically, trend indicators, 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. Price action remains constrained around the key Fibonacci level of $0.081 currently serving as resistance. If broken, the next Fib hurdle is expected to be $0.087. Analysis based on the asset volatility indicates that Dogecoin's lower Bollinger Band® is at $0.079, indicating that the market is oversold and fertile for new buyers.
All in all, the technical analysis suggests DOGE has no clear-cut direction.
Dogecoin shows positive signs, other assets are also on par: FTX Token rallies 9.54% to trade around $1.36. Having closed the previous session at $0.068, TRON is up 0.83% today to currently trade at around $0.068. UNICORN Token USD rises 1.62% to trade around $6.47.
Having set a significant high of $0.16 10 months ago, Dogecoin is trading 49.37% lower. Dogecoin is currently trading with a market cap of 10.78 billion with an average daily volume of 420 million.
