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March 01, 2023Dogecoin got off to a strong start by gaining $0.001 (+1.64%), only to run out of steam later in the session around $0.083. Currently, Dogecoin is trading around the $0.082 level.
Dogecoin made an initial breakout above its 5 day Simple Moving Average at $0.082, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $0.081 by around $0.001 with prices hammering out a $0.081 – $0.083 session range. DOGE's lower Bollinger Band® is at $0.079, indicating that the market is oversold and fertile for new buyers. On the other hand, note that Dogecoin could be slowing down soon as it approaches resistance at $0.082. Of course, crossing it might suggest further gains are ahead.
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.
Other markets are also showing gains as FTX Token added 9.54% to its value, now trading at $1.36. EOS is up 4.24%. Litecoin increases 3.9% to trade around $97.64.
Approximately 10 months ago, Dogecoin reached a significant high of $0.16 but has struggled to hold onto its gains and declined 49.45% since then. DOGE has a market cap of 10.90 billion with an average daily volume of 443.45 million.
