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“Dogecoin (DOGE) Downtrend Might Finally Be Over”
As the cryptocurrency market continues to experience immense volatility, investors are eagerly waiting for signs of a turnaround in the prices. In recent times, Dogecoin (DOGE), once a favorite among meme coin enthusiasts, has been facing an extended bearish trend. However, Kiyosaki, author of ‘Rich Dad Poor Dad,’ recently shared his insights on Bitcoin’s future and its potential to make one rich. While DOGE is not directly comparable to BTC, the parallels between both cryptocurrencies’ narratives might provide some insight.
According to analysis from renowned trader and crypto enthusiast Arman Shirinyan, Dogecoin’s (DOGE) recent movement may indicate a possible reversal in trend. The author highlights that if DOGE breaks through the 50 EMA at $0.36, it could potentially target the upper resistance between $0.38 and $0.40.
The RSI (Relative Strength Index), which tracks the cryptocurrency’s price action, suggests neither overbought nor oversold conditions, consistent with the current sideways movement in the market. This neutral position implies that traders should monitor key indicators such as the RSI and 100 EMA closely to determine the direction of the next significant move.
As DOGE approaches the crucial level at $0.36, it may bounce from this point if a recovery is imminent or fail to hold above important support, leading to additional selling pressure.
The views expressed by Arman Shirinyan are not investment advice and should not be taken as such. Investors are advised to conduct their own research before making decisions.
Kiyosaki’s revelation about Bitcoin’s potential to make one rich may provide some context regarding DOGE’s narrative.
Source: u.today
