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Dogecoin (DOGE) movement and a milestone in the cryptocurrency market have been shocking for a while now. Earlier, the meme token market price soared past its moving average lines.
The token has been stuck below the moving average line since the 26th of June. This uptrend movement is a sign of a possible bull run.
Dogecoin (DOGE) Future Likely Prediction and Movement
During the past 30 days, the meme token DOGE has made much progress and new milestones in the cryptocurrency markets. Although, the token market price has declined between $0.063 and $0.077 over the past few months.
There is a strong resistance level at the $0.077 market price zone. Once the strong resistance is broken, the token will reach $0.09. However, if the markets reverse, the bear movement may decline below the MA lines.
Once this bear sets in, the Dogecoin market level may drop as low as $0.05 from the current $0.070. This current price, $0.070, is a 50% drop in the token price from its all-time highs in September 2021.
Presently on the Relative Strength Index indicator, DOGE has been at level 59 for a short period. This level indicates a bullish trendline; however, a bear market reversal is possible.
DOGE level on the Relative Strength Indicator depicts an uptrend in the market trendline and movement. Experts state that the meme token is gathering momentum for a bullish run.
Source; Tradingview. US/DOGE
Resistance at $0.08 and $0.10
Support at $0.07 and $0.05
Once the strong $0.077 resistance level is broken, an uptrend movement will set in the market.
DOGE: Making Waves Despite Market Consolidation
Despite the present situation in the market, Dogecoin seems unaffected by the market situation. Analytics from the past few months has shown increasing whale activity and transactions on the DOGE blockchain network.
The meme token is currently ranked 11th in the market regarding capitalization. Despite the constant crash in price and dip, the token has garnered over $9.24 billion in the total crypto market capitalization.
The tokens still stand as one of the cryptos that have wielded their stand, avoiding being blown away by the crypto winter. The past few months this year have caused different NFTs, coins, and tokens to burn out.
Dogecoin token may become the next significant market token, sowing great potential in the nearest future. A few days ago, Coinbase and SHIB were added as a means for exchange and investment.
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