Dogecoin price is hovering around positive levels this week. Although the downside remains in the crypto market, the bulls still try to recover some of the cost to stabilize the market. The price of DOGE was affected by the FTX crisis as well as bitcoin hitting a two-year low in early November.
According to the price action, the Dogecoin price is trending down for a bullback. There was aggressive selling on Thursday, which brought property prices down by 4.70%. Later, this price action continued on Friday as sellers are denying a higher price action above the conceptual rounding level of $0.10.
Dogecoin Price Prediction on Weekly Chart
According to the weekly price scale, buyers found a long build-up in Dogecoin price. The 20 simple moving line (white) has been a key demand area since late October. As a result, the price action forms a high-low structure for the longer term outlook. Last week also, Mim Coin had gained 28.11%. Buyers are gathering to lift the asset above the 50 SMA for more price stability.
The weekly RSI is again moving towards the Skyrock zone after a slight decline. The buyers are preparing to retest the multiple weekly swing high near the 100 SMA near $0.1589.
Indicators Hints Bearish Divergence Amid Dogecoin Price Prediction on Daily Chart
At that time, DOGE was trading at the $0.0995 mark against the USDT pair. Thus, overnight, the market capitalization fell by 3.73%, to be reported at $13.18 billion. In fact, the trading volume also decreased by 25% over the same time period.
The daily RSI is forming a lower-high so far, while its top is about to halve again. On the other hand, the MACD is continuing to move in the positive zone, while Dogecoin trading at PrimeXBT.
Conclusion
The Dogecoin price prediction shows a bullish trend ahead for the longer term outlook. Moreover, there is still indecision on the side of the RSI on the daily chart. To maintain the positive momentum, DOGE bulls must break the $0.10 level in the most recent conceptual round.
Support level – $0.070 and $0.050
Resistance level – $0.10 and $0.15
