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    Baxia Markets
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    May 21, 2021

    Could Dogecoin Return To $0.60?

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    Dogecoin is up 22% in a single session, the cryptocurrency reached its highest level 12 sessions ago when it reached $0.74146000. Shortly after that, it started a downtrend and lost more than 78% in 11 sessions.

     

    We can see that the price has already started a recovery. Current losses compared to the highest level are now only 61.8%. Dogecoin found support at $0.3002 which is at the 78.6% Fibonacci retracement. In today's session the price managed to break the resistance at $0.3950 situated at the 61.8% retracement. The cryptocurrency is aiming for the next resistance at 0.4616 which is the 50% retracement level. The relative strength index is currently at 47% and this would allow the pair to continue climbing. The Bollinger bands are wide and volatility should be high. We expect the price to continue its uptrend since the pair trades closer to the lower band suggesting that the price is relatively low.

     

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