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Technical Analysis for DOGUSD for 8th February 2023

Dogecoin Consolidating, DOGE Must Break Above $0.098

Past Performance of DOGE

Dogecoin is down 41% from November 2022 highs but remains within a bullish formation. Prices are trending higher, inside a large rising wedge, forming a bull flag. Unless there are sharp gains below immediate support lines, sellers may flow back. For now, traders can watch $0.098 if buyers are to take charge. If not, losses below $0.088 may see DOGE slip lower.

DOGE Technical Analysis

Dogecoin is bullish, finding support at $0.067. Still, based on the DOGE technical formation in the daily chart, prices may recover, printing higher once there are substantial gains above $0.098, a critical resistance line marking January 31 high. Note that prices, in the short term, are bound between $0.098, marking the bullish engulfing bar of January 31, and $0.088 and the middle BB. From an effort versus result perspective, buyers will have the upper hand if the breakout above $0.098 is with expanding volumes. In that case, DOGE could rally to $0.11, in a bullish continuation formation.

What to Expect from DOGE

The short-term trend depends on if DOGE prices break out from the immediate consolidation. Confirmation of the January 31 bar may see the coin tearing higher to retest immediate resistance levels.

Resistance level to watch: $0.098

Support level to watch: $0.11

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

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