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March 07, 2023
After closing at $0.075 today, DOGE opened today at $0.075, to be greeted by bearish sentiment that overshadowing today's price action. Irrespective of the bearish mood, DOGE retains a distinct $0.074 to $0.076 daily range.
Despite being in the red so far in the current trading session, DOGE peaked above its 5 day Simple Moving Average around $0.077 — 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. Bollinger Bands® shows an indication of recovery: the lower band is at $0.072, a low enough level to, generally, suggest that Dogecoin is trading below its fair value.
Overall, looking at the technical analysis landscape, although technical indicators are mixed and pointing in different directions, it seems Dogecoin is set to appreciate despite today's setback.
In the meantime, negative performances are also seen in other markets, Algorand USD closed at $0.22 (down 2.61%). EOS is down to $1.19, losing $0.019, after closing at $1.21 in the preceding trading session.
Other assets are showing positive performances as FTX Token rallies 9.54% to trade around $1.36.
DOGE is now trading 24.79% below its 3-month high of $0.16. DOGE has a market cap of 9.88 billion with an average daily volume of 404.96 million.
