Technical Analysis for DOGUSD for 9th January 2023
Dogecoin Fell 55% from Q4 2022 High; will DOGE Stabilize above $0.065?
Past Performance of DOGE
Spectacular gains of October were quickly reversed in November and December. From Q4 2022 peaks, the coin fell 53 percent and is now flat-lining in a tight trade range, evident in the daily chart. There are higher highs versus the lower BB, pointing to a possible reduction in selling pressure. Nonetheless, there must be substantial gains above resistance lines for trend continuation.
DOGE Technical Analysis
Bears are in a commanding position, but there are also fundamental factors that influence the coin's performance. In the short term, support lies at $0.065 while resistance is at $0.075 and $0.080—marking December 19 high, respectively. Risk-on traders must wait for a breakout above the current consolidation, ideally above $0.080, before loading the dips, targeting December 16 high at $0.087 or better. If there are sharp losses below $0.065 and last week's low, DOGE may disintegrate, falling back to $0.056.
What to Expect from DOGE
DOGE is within a bullish formation, from a top-down preview. Support coincides with around September 2022 highs. However, whether buyers can initiate longs or traders swing the bear run depends on the reaction at the earlier mentioned levels.
Resistance level to watch: $0.080
Support level to watch: $0.065
Disclaimer: Opinions expressed are not investment advice. Do your research.
For more interesting tips and facts visit our Education Centre.
Have Questions?
We're available 24/7 to help you. You can email us, or send us a message on WhatsApp, Telegram or Messenger!
Risk Disclosure: Trading cryptocurrencies or any other financial instrument involves a significant level of risk and may result in a total loss of your investment. You should consider carefully whether investing in Bitcoin or any other instrument offered by CryptoAltum is appropriate to your financial situation. CryptoAltum only accepts deposits in Cryptocurrencies. By trading with CryptoAltum you acknowledge your understanding of this risk disclosure and your agreement with the Terms and Conditions.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.
This website is not directed at any jurisdiction and is not intended for any use that would be contrary to local law or regulation.
CryptoAltum does not accept any clients under the age of 18.