- Dogecoin has bears drilling for a third week on $0.125, trying to break to the downside.
- DOGE price sees bulls defending the level as a squeeze gets underway.
- Expect either $0.125 to hold or offer a perfect bandwidth for a fade-in trade next week.
Dogecoin (DOGE) price sees its downtrend starting to flatline a bit as bears look unable to break below $0.125, a level that was tested last week as the week and back in December. As the price bounced up again each time after hitting that level, it looks to be set to do the same as the Relative Strength Index (RSI) shows no signs of any bears overpowering bulls. With that, next week could be a make or break for the mentioned level, or bulls could start to buy DOGe coins in the bandwidth between $0.10 - $0.125.
Dogecoin is set for a bullish candle next week or the week after that
Dogecoin price saw bulls trying to breakout towards the 200-day Simple Moving Average (SMA), but bulls got stopped short in their tracks and even had to give way to bears as the Fed, and geopolitical themes decided otherwise. With these headwinds, investors were not interested in parking their money in cryptocurrencies, resulting in another downbeat week.
But DOGE price is currently trading at exciting areas, as bulls defended for a third week the level at $0.125. As it each time triggers a rebound, it will be essential to see if investors can shake off the negative mood from this week and start the trading week next week with some positive sentiment. Expect to target the $0.17 level that holds the 55-day SMA as a cap to the upside. In case that does not unfold, expect a slight dip lower, entering a perfect bandwidth between $0.10 - $0.125 where bulls can play the fade-in trade, which will trigger then the week after that a bullish candle towards $0.17-$0.20.
DOGE/USD weekly chart
DOGE price could see a break below $0.10 should market sentiment continue to roll over, and US indices would collapse as hedge funds and speculators start to repatriate their funds out of risk assets fully. The pressure would mount towards $0.07 around the monthly S2 support level as support and holds historical importance as it started the significant uptrend in April. With that, the RSI will trade intensely in oversold, limiting further incentive for bears to stay short DOGE.
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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.