Retesting 200-Day Moving Average: What to Expect for Dogecoin’s Price Predictions
Dogecoin (DOGE-USD) has been trading sideways over the past few days, losing 1.75% during the London trading session on Thursday. The cryptocurrency has been in a downtrend against the US dollar since the start of February, as the dollar gained strength due to the January 2023 CPI and PCE reports revealing the expectation of more rate hikes. The hawkish Fed comments have resulted in strong selling pressure on cryptocurrencies and equities. DOGE-USD may become more volatile in the coming days due to the price retesting the 200-day moving average at $0.0786 and the formation of a symmetrical wedge on a higher timeframe, with a breakout potentially sending the price to retest $0.10. While the price remains above the 200-day moving average and the January low of $0.0778, the medium-term prediction for DOGE-USD remains bullish. DOGE value responds to social media hype and memes, with tweets from Elon Musk often inflating the price significantly. DOGE has also exhibited strength against Bitcoin pairs in the past few years. Binance Exchange is the best option to buy DOGE, but Coins Pro has also recently listed the cryptocurrency on its platform for trading.
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