- Dogecoin price has been under some downward pressure for most of November.
- DOGE price sees bulls not able to wait for solid support to restart an uptrend.
- If bulls could regain control off the green ascending trend line, expect a restore of the uptrend.
Dogecoin (DOGE) has seen its price devalue rapidly because of global headwinds that have seen investors dive into safe havens like the yen and the greenback. With the downturn, the bulls’ new game plan seems to have been to wait for momentum to build up at around $0.20, for the start of the next uptrend. Price action today, however, shows a pickup of buy-side volume and bulls targeting $0.26..
Dogecoin price sees knee jerk reaction from bulls to squeeze out bears
Dogecoin price has seen a pickup in buy-side demand by bulls impatient to get long prior to DOGE price reaching $0.20. . The Relative Strength Index (RSI) shows a knee-jerk reaction from buyers that is also being translated into a break above the green ascending trend line on the chart. A close above that line would be necessary to prove that a new uptrend cycle had begun.
DOGE price was stuck in a downtrend for most of November, and with investors choosing safe havens like the Japanese yen and greenback the trend weighed onDOGE/USD and accelerated the correction to the downside these past few days. As the dollar takes a breather, bulls are seeing their chance to kick the uptrend back into gear and buy into Dogecoin price action.
DOGE/USD daily chart
DOGE bears will be trapped by the knee jerk reaction of bulls leading to some potential short-covering This, in turn, will see additional demand-side volume pick up speed, and a quick return to $0.26. A break above that level will see accelerated buy-in action as more bulls join the uptrend. This could eventually see a bullish breakout towards $0.35 by the end of next week and almost 56% of gains in the making if bulls can close above the green ascending trend line today.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Polygon joins forces with WSPN to expand stablecoin adoption
WSPN, a stablecoin infrastructure company based in Singapore, has teamed up with Polygon Labs to make its stablecoin, WUSD, more useful in payment and decentralized finance.
Coinbase envisages listing of more meme coins amid regulatory optimism
Donald Trump's expected return to the White House creates excitement in the cryptocurrency sector, especially at Coinbase, the largest US-based crypto exchange. The platform is optimistic that the new administration will focus on regulatory clarity, which could lead to more token listings, including popular meme coins.
Cardano's ADA leaps to 2.5-year high of 90 cents as whale holdings exceed $12B
As Bitcoin (BTC) gets closer to the $100,000 mark for the first time — it crossed $99,000 earlier Friday — capital is rotating into alternative cryptocurrencies, creating a buzz in the broader crypto market.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.