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Technical Analysis for DOGUSD for 1st March 2023

Dogecoin Drops 20% from February Highs; Support at $0.080

Past Performance of DOGE

Dogecoin is, like the broader market, under pressure. It is down roughly 20% from February highs and will likely shed more in the days ahead. Going forward, traders should watch how prices react at around $0.091 and support at $0.080.

DOGE Technical Analysis

Bulls are confident, but how prices react in the short term depends on where prices float or dump to next. DOGE is anchored by the bear bar of February 9, a wide-ranging candlestick that still shapes the current trend. For the trend to be defined, there must be a close in either direction, in a breakout. This could allow traders to ride it as the trend resumes, or retest immediate support levels at $0.10, and $0.073, respectively.

What to Expect from DOGE

DOGE is around the 61.8% Fibonacci retracement level of the December to February 2022 trade range. However, DOGE is confined in consolidation with decreasing volumes, a concern for bulls. As aforementioned, the failure of bulls to close above the February 9 high swings price action to favor sellers in the short term.

Resistance level to watch: $0.091

Support level to watch: $0.080

Disclaimer: Opinions expressed are not investment advice. Do your research.

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