At the time of writing, the dogecoin price is trading at $0.0868, up 25% from the 24-hour low of $0.0693. This surge has taken the dogecoin price above the 50-day moving average ($0.0844) and 100-day moving average ($0.0806), which is a bullish sign.
The next level of resistance is at $0.09326, which is the 23.6% Fibonacci retracement level of the recent decline from $0.1148 to $0.0693. A break above this level could lead to a move towards the 38.2% Fibonacci retracement level at $0.1039.
This surge has taken the dogecoin price above key moving averages and resistance levels, which suggests that the bear market may be over.
Crypto Whales Jumps In
Amid this week’s fluctuating cryptocurrency market, crypto whale investors have been buying and selling roughly $410 million worth of Dogecoin (DOGE). Dogecoin is a popular cryptocurrency known for its Shiba Inu mascot and exchange-traded meme culture.
The Dogecoin price increased rapidly in the early hours of November 10, trading at $0.078 before climbing to an 11-day high of $0.103 over the next few hours. The price has since stabilized and is currently trading around $0.088.
Dogecoin is currently in a downtrend, with the bears in control of the market. The Dogecoin price is struggling to break above the $0.093 resistance, which is being extended by a downward trendline.
The next level of resistance is at $0.10, followed by $0.11. On the downside, support levels are at $0.085 and $0.08. The Dogecoin price is expected to continue its downward trend in the short term, with a possible breakout above $0.093 in the longer term.
What does technicals suggest about DOGE?
On the downside, there is support at $0.0800, which is the 200-day moving average. Below this, there is support at $0.0750. Looking at the chart, the dogecoin price appears to be in a bullish breakout from a symmetrical triangle pattern. This pattern has a target of $0.1120, which is close to the all-time high.
The MACD indicator is also bullish, with the MACD line (blue) above the signal line (red). The RSI indicator is also in positive territory, suggesting that the bulls are in control.
Overall, the technical indicators are bullish on dogecoin, suggesting that the recent rally could continue. However, it is worth noting that dogecoin is a highly volatile asset and any sharp corrections could quickly reverse the bullish trend.
Therefore, the technicals suggest that the dogecoin price is in a bullish trend and has upside potential.
Conclusion
In conclusion, the dogecoin price is in a bullish trend and has upside potential. The recent breakout from the symmetrical triangle pattern suggests that the bulls are in control. However, it is worth noting that dogecoin is a highly volatile asset and any sharp corrections could quickly reverse the bullish trend.
