Dogecoin Price Prediction: DOGE Price Stays Just Above 20 DMA, Buy or Deny? 

• Dogecoin price is trading below the ideological round level of $0.10.
• As of now, buyers hold meme-coin price above the 20 day moving average.
• Market capitalization drops 3.82% in the last 24 hours at $12.76 Billion.

Dogecoin prices seem to be weak nowadays, and bulls are getting rejected in higher price momentum. However, investors are facing trouble due to the roller-coaster ride. Dogecoin price outperformed in late October and hit a six month high at $0.15893 on 1 November. Bears intensely sold-out crypto assets at this price point.

In early November, bears were expecting a normal retracement phase, but FTX crypto exchange fueled the decline speed which drove price momentum towards $0.070 mark (november’s low). At the time, price action shows higher-lows and lower-highs structure on the daily price chart.

Source: DOGE/USDT by tradingview

Amid consolidation to downtrend, Dogecoin price slipped below the conceptual round level of $0.1,as well as, the short-term support level of $0.098. This shows bears are aggressive for selling in intraday trading sessions while at press time the DOGE price is trading at $0.0958 mark against the USDT pair.

Source: DOGE/USDT by tradingview

In terms of the daily price scale, buyers barely hold meme-coin prices above the 20 day moving average (white). In any case crypto fell below this support zone, bears may drag asset price until $0.070 support zone. Meanwhile, Dogecoin price formed a tired red candle today resulting in, market capitalization dropping 3.82% in the last 24 hours at $12.76 Billion.

RSI is also gradually decreasing and is about to hit the semi-line. Nevertheless, the MACD indicator is remaining in the positive region over the daily time frame.

Conclusion

The Dogecoin price is attempting to stay above the 20 day moving average, below this support level huge selling is expected ahead. Bulls have to reverse the lower–highs trend as soon as possible because trading volume is very low as of now.

Support level – $0.070 and $0.050

Resistance level – $0.10 and $0.15

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.

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