Dogecoin Price Prediction Retests 200-day Moving Average
Dogecoin price (DOGE-USD) has been trading sideways for the past few days. On Thursday, DOGE price lost 1.75% during the London trading session. Most altcoins are showing similar price action as Bitcoin price is also trading 1% lower since yesterday.
Dogecoin to USD pair has been in a downtrend since the start of February as the US dollar gained strength. The January 2023 CPI and PCE reports made the markets tumble as analysts started to expect more rate hikes this year. The hawkish Fed comments have put strong selling pressure on cryptocurrencies and equities.
Where Can I Buy Dogecoin?
If you’re wondering where to buy DOGE then the best place to buy is Binance Exchange. You can sign up within a few minutes and buy hundreds of coins on the biggest crypto exchange. According to Dogecoin news today, the coin has been listed on another major exchange known as Coins Pro. Starting from today, the DOGE-USD pair will be live for trading, and users can deposit their assets.
Dogecoin price reacts to the social media hype and DOGE memes. Tweets from tech billionaire Elon Musk often pump the price within minutes, if not seconds. However, Dogecoin value has shown great strength in Bitcoin pairs in the past couple of years.
Dogecoin Price Forecast – Technical Analysis
Technical analysis of DOGE-USD pairs shows that it has become very volatile. Although the price is trading sideways during this week, I expect a major move in the coming days. At the moment, the price is retesting the 200-day moving average, which lies at $0.0786. The price has also formed a symmetrical wedge on a higher timeframe. A breakout can send the price to retest $0.10 level.
The 200-day moving average often acts as a great line in the sand for many traders. It is considered bullish if the price trades above this indicator. Therefore, our Dogecoin price prediction will remain bullish for the medium term as long as the price stay above 200-day MA. Another confluence around this region is the January low of $0.0778, which needs to hold.
