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Dogecoin (DOGE/USD) Price Is Currently Undergoing a Relative Decline

January 16, 2023

#Degecoin#DOGE#DOGE/BTC#DOGE/USD#Technical Analysis

Dogecoin Price Prediction – January 16
It observed that the DOGE/USD market valuation price is currently undergoing a relatively declining process. As of the moment of writing, reactions of buyers and sellers are featured between $0.0883 and $0.0830, keeping an average negative percentage rate of 2.56. These indications have been against getting reliable moves to the upside.

Key Levels:
Resistance levels: $0.095, $0.10, $0.105
Support levels: $0.070, $0.065, $0.060

DOGE/USD – Daily Chart
Most of the indicators’ readings on the DOGE/USD daily chart showcase that the crypto’s price is currently undergoing a relative decline in the wake of trying to move back into the previously well-defined range-bound zones marked by $0.080 and $0.60 points. The 14-day SMA indicator remains briefly northward bent underneath the trend line of the 50-day SMA. The Stochastic Oscillators have fully curved southbound in the overbought region, keeping a falling pathway from 9521 to 88.57 levels.

Will the DOGE/USD market activities fearfully revert below the above resistances?
Getting fearful of turning motion in the DOGE/USD market operations underneath the mentioned resistance lines above may not be forthcoming in the near time as the price is undergoing a relative decline toward $0.080. The positioning of the SMA trend lines around the point signifies it is a crucial trading zone in determining the next direction. All in all, buyers should be cautious of jumping at any probable upspring that can tempt over the value lines of the SMAs.

On the reduction side of technical analysis, some strengths have been gradually decimating in the presence of bulls during the last few sessions. In the meantime, if the moves get intensified through the points of the SMA trend lines to the downside, it will be a confirmation of witnessing more lows in the following days of transactions. In the course of making the Stochastic Oscillators instrumental in determining a change of likely moves to the south side, it means they will have to be at lower range levels to point northbound against the present pattern that trading candlesticks form.

DOGE/BTC Price Analysis
In comparison, the Dogecoin price is currently undergoing a relative decline against the trending worth of Bitcoin around the upper range line drawn below the SMA trend lines. The 14-day SMA indicator is closely positioned southward below the 50-day SMA indicator. The Stochastic Oscillators have traveled southbound, dipping into the oversold region to keep 24.15 and 8.25 levels. That shows that a line of decreases can still occur in the valuation of the base crypto as it pairs with its counter-trading crypto price is currently undergoing a relative decline.

Note: 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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