Daily Price Outlook
Dogecoin (DOGE) coin has succeeded to extend its bullish rally and remained well bid around above $0.062067 level. Dogecoin’s current price is $0.062067, with a 24-hour trading volume of $173,787,213.
Dogecoin has increased by more than 1.39% in the previous 24 hours.
However, the recent upward movement in Dogecoin can be attributed to various factors, including a positive sentiment in the overall cryptocurrency market, a weakening US dollar, and anticipation surrounding the upcoming interest rate decision by the US Federal Reserve, which is scheduled for tomorrow.
It is noteworthy that the global cryptocurrency market cap currently stands at $1.06 trillion, showing a 1.38 percent increase in value over the past day. Furthermore, the total trading volume in the crypto market reached $29.08 billion in the last 24 hours, indicating a significant 9.38 percent increase.
Positive Momentum in Cryptocurrency Market Boosts Dogecoin Price The global cryptocurrency market has been on an upward trajectory, witnessing growth in market capitalization and trading volume.
However, the rise in market cap indicates a higher overall value of cryptocurrencies, while the surge in trading volume reflects increased market activity and investor engagement.
As a result, the positive momentum in the cryptocurrency market has significantly influenced the price of Dogecoin, contributing to its upward movement.
Influencer Glauber Contessoto Shares Thoughts on Dogecoin and Price Considerations
Cryptocurrency influencer Glauber Contessoto, famous for his success with Dogecoin, recently shared his thoughts on buying more of the popular meme-based cryptocurrency. He stated that he would consider purchasing more Dogecoin if its price dropped below $0.06.
At the time of writing, Dogecoin is trading at $0.061879, showing a 14.08% decrease in value over the past week but a 1.68% increase in the last 24 hours. Contessoto, who became a millionaire through Dogecoin, confirmed that he still holds the coin.
Although the decline in DOGE’s value impacted his millionaire status, he has diversified his investment portfolio to include other cryptocurrencies like ADA and FLOKI.
Therefore, contessoto’s success with Dogecoin and his willingness to consider buying more if the price drops below $0.06 may generate some interest and potentially influence sentiment among his followers.
DOGE/USD Price Chart – Source: Tradingview
DOGE/USD – Technical Analysis
Dogecoin is currently consolidating between $0.0627 and $0.0610. After dropping to $0.0529, it quickly recovered to trade around $0.06171.
Fibonacci retracement levels at $0.058 and $0.060 have already been completed, and the 50% level at $0.06260 now acts as significant resistance.
The RSI hovers around 50, indicating investor indecision, while the MACD shows a neutral bias. A breakout above $0.0626 could lead to further gains towards $0.0645, $0.067, and $0.0711.
Support is anticipated at $0.058 or $0.0540. The $0.0626 level is crucial, signaling selling pressure below and continuation of the upward trend above it.
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