Dogecoin (DOGE) Price Watch: Daily Technical Analysis 8 June 2023


Dogecoin (DOGE) is a popular cryptocurrency known for its unique branding and active community. In this daily technical analysis report, we will examine key indicators and interpret their values to provide insights into Dogecoin’s potential price targets.

Current Price: 0.0000026 BTC (unchanged) (as of 9:45 a.m. UTC on 8 June 2023)

Moving Averages

Moving averages help identify trends by smoothing out price fluctuations. The 5-day moving average (0.0000074 BTC) reflects recent price action, while the 20-day moving average (0.0000041 BTC) indicates an intermediate-term trend. The 50-day moving average (0.0000034 BTC) shows the long-term trend. These values suggest a bearish sentiment in the short to medium term, as Dogecoin’s price remains below the moving averages.

Stochastic Oscillator

The Stochastic Oscillator measures momentum and overbought/oversold conditions. It consists of %K and %D values. Currently, the 9-day %K (32.22%) and 14-day %K (32.22%) indicate a neutral stance. The 50-day %K (32.22%) suggests a balanced market. However, it’s important to consider other factors to confirm the trend reversal.

Relative Strength Index (RSI)

RSI measures the speed and change of price movements. The 9-day RSI (99.59%) and 14-day RSI (99.59%) indicate an overbought sentiment. These values suggest a potential correction or consolidation in the near term. It is important to monitor RSI levels in relation to key support and resistance levels.

Interpretation and Price Targets

Based on the indicators and their values, we can derive short, medium, and long-term price targets for Dogecoin.

Short Term (1-2 weeks): The moving averages, Stochastic Oscillator, and RSI suggest a bearish sentiment. Dogecoin’s price is expected to remain within the current range of 0.0000020 to 0.0000030 BTC. The support level is around 0.0000020 BTC, while resistance is near 0.0000030 BTC. A breakout above or below these levels could indicate further price movement.

Medium Term (1-3 months): The indicators imply a neutral to bearish sentiment. If Dogecoin breaks below the support at 0.0000020 BTC, it could aim for the next support level around 0.0000010 BTC. On the upside, if the resistance at 0.0000030 BTC is breached, a potential rally toward 0.0000040 BTC could be expected. It’s essential to monitor trading volume and overall market sentiment for confirmation.

Long Term (6 months or more): Considering the longer-term moving averages and the overall market sentiment, Dogecoin’s upward trend remains intact. If Dogecoin surpasses the key resistance level of 0.0000040 BTC, it could potentially rally toward the next psychological level at 0.0000050 BTC. Long-term investors should keep an eye on market developments and fundamental factors.


Technical analysis provides valuable insights into Dogecoin’s price trends. The moving averages, Stochastic Oscillator, and RSI suggest a mixed sentiment in the short to medium term. To make well-informed investment decisions, it’s important to consider other factors, such as market news, trading volume, and overall market sentiment.

Note that this report is for informational purposes only and is not intended as investment advice. The author does not guarantee the accuracy of the information in this report and accepts no liability for any losses incurred as a result of using this report.

Featured Image Credit: Photo / illustration by “Dylan Calluy” via Unsplash

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