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May 25, 2023
DOGE recovering almost all the way back to $0.071 today, after dipping down to $0.069.
Chart analysis indicates Trend-following investors would be interested to note 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 Dogecoin's lower Bollinger Band® is at $0.07, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates DOGE will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other markets, UNICORN Token USD is down $0.197 from the beginning of the session and now trades around $6.43. Cardano retreats 1.68% to trade around $0.358.
Other assets are showing positive performances as FTX Token is up 9.54%.
Approximately 6 months ago, DOGE reached a significant high of $0.142 but has struggled to hold onto its gains and declined 50.23% since then. Dogecoin has a market cap of 9.84 billion with an average daily volume of 250.20 million.
