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June 12, 2023Slightly weaker but mostly flat: Dogecoin is currently trading at $0.061 as it maintains an active range between $0.061 and $0.062.
As the day gets underway, chart analysis suggests Trend-focused traders 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. Asset volatility analysis shows that Bollinger Bands® shows an indication of recovery: the lower band is at $0.061, a low enough level to, generally, suggest that DOGE is trading below its fair value.
All in all, the technical analysis suggests Dogecoin has no clear-cut direction.
In the meantime, negative performances are also seen in other markets, EOS is trading around $0.677 (down $0.007).
Other assets are showing positive performances as FTX Token is up 9.54%.
Approximately 7 months ago, Dogecoin reached a significant high of $0.142 but has struggled to hold onto its gains and declined 56.72% since then. Dogecoin is currently trading with a market cap of 8.57 billion with an average daily volume of 255.30 million.
