Although the broader cryptocurrency market shows signs of recovery in 2023, many meme coins seem relatively calm, with Doggy coins declining in market value rankings. However, dog coins are currently approaching a critical point, which is the top of the descending triangular pattern
Although the broader cryptocurrency market shows signs of recovery in 2023, many meme coins seem relatively calm, with Doggy coins declining in market value rankings. However, dog coins are currently approaching a critical point, which is the top of the descending triangular pattern.
If the weekly closing price can be maintained above $0.0835, it may be a signal of a new upward trend for Doggie Coin, with a potential target of $1. However, investors need to be extra careful, as if the price falls below the support level of $0.0482, it may lead to a new low this year.
At present, the trading price of Dogcoin is 0.059 US dollars, an increase of 1.18%, and its market value reaches 8.28 billion US dollars. The recent decline in the value of Dog Coin in recent months may have laid the foundation for a strong rebound and may bring robust performance towards the end of the year.
According to technical indicators, DOGE is about to rebound.
The relative strength index (RSI) is once again approaching the level of 30, which may indicate that after two consecutive months of falling below 50, the dog coin is expected to experience a certain degree of increase.
In addition, the 30 day moving average of DOGE has been significantly lower than the 200 day moving average for a period of time, which may indicate that the token is undervalued and may be on the edge of an upward trend. But caution is needed, as the dog currency has recently lost support and shown a strong downward trend, even falling below the key support level of $0.60.
In addition, there is a view that large holders of DOGE are more likely to sell tokens rather than purchase them, which has been supported by recent large transactions.
Finally, the 24-hour trading volume of DOGE has been declining, from its peak of $9 billion in November last year to around $175 million currently. This reflects a decrease in market interest in the token.
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