Dogecoin (DOGE/USD) Market Is Resorting to a Pit Stop, Conjecturing a Correction
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Dogecoin Price Prediction – July 18
The Dogecoin market is resorting to a pit stop trade session, conjecturing a correction at a pace of pushing capacity it is maintaining as of the time of this technical piece.
Several price reactions have materialized in the DOGE/USD trade activities to showcase that buyers ability to push fearfully northward has hit a stronger resistance around $0.075. The negotiation zones have been seen for a few hours now, sustaining a positive 0.14 minute percentage rate between the high of $0.0704 and the low of $0.0695.
DOGE/USD Market
Key Levels:
Resistance levels: $0.075, $0.080, $0.085
Support levels: $0.060, $0.055, $0.050
DOGE/USD – Daily Chart
The DOGE/USD daily reveals the crypto-economic market is resorting to a pit stop, conjecturing a correction around the trending axis of the bigger indicator.
The positioning pattern of the indicators is portending that some decline forces might still feature only to allow the market to regain its stands to make up for a higher point of resistance in the long run as the 14-day SMA has been bending slowly northward from underneath the 50-day SMA. The Stochastic Oscillators have recently penetrated the overbought region to get a repositioning of 71.12 to 63.64, denoting that the pressure is a bit southbound.
Which next move for the DOGE/USD market will be more difficult?
At this moment in this technical write-up, it appears that there will be room for a line of reductions in a manner of less price action as the DOGE/USD trade activity is resorting to a pit stop, conjecturing a correction.
In the process of the market moving to the downside, we believe that long-position takers will recoup the catalyst to negate the possibility of seeing a continuation in the furtherance of the devaluation around the point of $0.065. If that presumption doesn’t come into play, buyers will then settle for a lower support line of around $0.060 in the long run.
In the meantime, short-position takers would have to consolidate their efforts on any slight moves showcasing a return of rejection signals around the resistances between $0.075 and $0.080. The bear will need to exercise some caution to watch when such volatility will dowse before considering re-launching a sell order, though, if those points are vulnerable to a breakout opportunity.
DOGE/BTC Price Analysis
In contrast, the Dogecoin market is currently resorting to a pit stop situation against Bitcoin, as it is conjecturing a correction from the near top of the smaller indicator.
The 50-day SMA trend line is above the 14-day SMA trend line. The Stochastic Oscillators have been positioned in the overbought region, and they have slightly crossed southbound from 81.43 to 72.67 points. Since the base cryptocurrency lacks the bright potential to rise well in the coming operations, a sizable number of drop hazards appear to hang over it. On the path to the south, however, not much is anticipated.
Note: Cryptosignals.org is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.
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