Doge Price Prediction: Today’s Dogecoin Price, 4th Feb 2023

Doge Price Prediction:

DogeCoin is currently trading at $0.092, down 4% on the day, as traders profited following Tuesday’s 9% rally. Regardless of the profit-taking event, traders should continue to play the market on a trade-by-trade basis, as Dogecoin is known for stunning market reversals.

The 8-day exponential moving average (EMA) has been critical for Dogecoin’s price action this winter, as it has risen nearly 40% since January 1.

The 21-day simple moving average (SMA) is currently 5% lower than the current market value. A closing candlestick that falls below this indicator may indicate the end of the uptrend.

The Relative Strength Index (RSI) is a trend indicator that compares and contrasts previous rallies to determine trend tops and bottoms.

The January 31 surge set a new high on the RSI, resetting the bearish divergences that had been visible throughout the uptrend. This subtle display of bullish strength should be taken into account going forward.

It should be noted that the RSI is currently printing a hidden bullish signal as it returns to retest support. Given these circumstances, the Dogecoin price may rise once more, with a target of the psychological $0.10 liquidity zone. This scenario would result in a 10% increase in Dogecoin’s current price.

The uptrend thesis may be invalidated if the bears produce a closing candlestick below the 21-day simple moving average, which is currently marked at $0.087.

In this scenario, the bears may encourage a steeper decline toward the halfway point of the 40% rally, which is near $0.07. If the bears succeed, the price of Dogecoin could fall by up to 17%.

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