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In the long run, the price of Dogecoin has been sliding downward as it seeks firm support. Despite the fact that the value of Bitcoin was rebounding, the value of DOGE remained limited to a $0.09 range at the time of publication.
DOGE was worth $0.3296 and had a market capitalisation of $43.54 billion.
Dogecoin 12-hour chart
The price of Dogecoin has remained stable between $0.2964 and $0.3822. This price range has been recognised as the best price range for achieving stability. Now that the market is seeing rapid corrections, this range will assist DOGE throughout the sell-offs.
Given the incredibly strong negative trend, this range has been tested previously and the price has plummeted just once. Volatility, however, remained minimal, with the 50 Moving average above the candlesticks. This indicated that, despite the decline, the price was not fluctuating excessively.
The Fibonacci retracement tool revealed consolidation between the 26.6 percent and 38.2 percent levels. Because this price range has received support from traders, Fib retracement will also help to keep selling pressure at bay.
Because the trend was not exhibiting signals of reversal, the consolidation might continue. The Directional Movement Index revealed that the -DI remained prominent, indicating that the market was under pressure. This pressure was well backed by the market, as the ADX stayed at 21, indicating trend strength.
Take profit: $0.2850
Risk and Reward: 1.33
The present Dogecoin market was in a state of consolidation. Despite the fact that volatility remained low, the price was under negative pressure and traded inside a narrow range. As the corrections continue, DOGE may find a safe haven at this level, and with increased momentum, we may see a trend shift.