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- The price of Dogecoin (DOGE) has declined dramatically over the past few days.
- Earlier in November, DOGE price dropped 30% after reversing from a 6-month high.
- Overnight trading volume increased by 88%, indicating that bears are holding onto Memecoin.
As the market turns bearish this week, investors are covering their long positions. Buyers frequently fail to maintain high stability in the cryptocurrency market, so each increase becomes a selling opportunity for market sellers.
Dogecoin’s price is currently positive at $0.09023 at the time of writing. Despite the fact that prices fell sharply during the US midterm elections, bulls are attempting to keep the market optimistic, as it is up 1.89% in the intraday trading period. Following a 40% drop, shareholders are wondering what would happen next. DOGE’s next potential move will be determined by key levels.
Last night, bears failed to manage prices above the 20 day moving average in terms of the daily price scale. Now this level flipped into an immediate bullish hurdle. To maintain a bullish rally in DOGE price, bulls need to propel asset prices above this level. After four days of continued selling, the price seems to be in the green. Moreover, meme-coin concerning the Bitcoin pair is slightly down by 1.5% at 0.00000507 Satoshis.
In the midst of a sharp decline, in early November, DOGE price dropped 30% after reversing from a 6-month high. Hence, the trading volume increased by 88% overnight, indicating that the bears are holding onto Memecoin. Conversely, the $0.10 conceptual round could act as an upcoming bullish hurdle.
The RSI indicator seems flat just below the semi-line. Unfortunately, this indicator is showing extreme selling pressure in DOGE price. Similarly, bears give first priority to MACD indicator as it shows negative crossover and histogram is forming low-low in terms of daily price scale.
Conclusion
Dogecoin (DOGE) price needs to rise in order to sustain its bullish rally. However, the market sentiment is weak, so don’t miss the next resistance level before any aggressive buying. The bears are likely to pull the price closer to the $0.10 conceptual round.
Support level – $0.078 and $0.050
Resistance level – $0.10 and $0.16
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
