DOGE/USD are trading at 0.0638 and continue to move within a slight correction and a downward channel. Moving averages indicate a short-term bearish trend for Dogecoin. Prices have broken through the area between the signal lines up, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop a correction in the value of the digital asset and a test of the resistance level near the 0.0665 area. Where can we expect a rebound down again and a continued fall in the Dogecoin rate with a potential target below the level of 0.0555.
Dogecoin Forecast DOGE/USD August 31, 2022
A strong signal in favor of the decline in DOGE/USD quotes will be a rebound from the descending trend line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the descending channel. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the area of 0.0745. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 0.0955. With the breakdown of the support area and the closing of quotes below the level of 0.0535, we should expect confirmation of the development of the downward momentum for Dogecoin.
Dogecoin Forecast DOGE/USD August 31, 2022 suggests an attempt to correct and test the resistance area near the level of 0.0665. Where should we expect a rebound and a continuation of the fall of the DOGE/USD coin to the area below the level of 0.0555. An additional signal in favor of the Dogecoin decline will be a test of the broken trend line on the relative strength index (RSI). Cancellation of the reduction option will be a strong growth and a breakdown of the 0.0745 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.0955.
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