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
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
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