• Dogecoin price has been on a downswing since August 16 and is ready for a reversal.
  • A successful bounce off the $0.262 to $0.281 demand zone indicates a resurgence of buyers.
  • If DOGE breaks below $0.240, it will invalidate the bullish thesis.

Dogecoin price hit a dead end after setting up a swing high on August 16. Since this point, DOGE bulls are nowhere to be seen, which resulted in a downswing. However, the retracement pushed the meme coin to a critical support area that will likely trigger an upswing.

Dogecoin price readies for an explosive upswing

Dogecoin price dropped roughly 25% after the August 16 swing high at $0.352. This descent pushed DOGE into a demand zone, ranging from $0.262 to $0.281. This pullback was met with a sudden uptick in buying pressure that has currently pushed Dogecoin price up by 12% to where it is presently.

Going forward, investors can expect the meme coin to continue its upswing until it encounters the $0.328 resistance level. A decisive close above this crucial barrier will open the path to $0.40.

However, in some cases, the upswing could halt at the $0.368 resistance level. The run-up to $0.40 represents a 35% climb from the current position.

DOGE/USDT 1-day chart

DOGE/USDT 1-day chart

On the other hand, if the buyers fail to hold Dogecoin price above the demand zone, extending from $0.262 to $0.281, it will reveal a weak buying pressure and an increased seller activity. Such a move will delay the upswing.

However, a decisive close below $0.240 will invalidate the bullish thesis and, if the crash continues, DOGE could head to $0.230.


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


Recommended Content

Editors’ Picks

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Bitcoin, crypto market remain in uptrend following 25 bps Fed rate cut

Fed Chair Jerome Powell stated that the FOMC lowered the Fed funds rate by 25 basis points. The rate cut comes after Bitcoin reached a new all-time high price upon Donald Trump's election victory. Ethereum and Solana also retained gains of 7% and 4%, respectively, following the rate cut.

More Cryptocurrencies News
XRP sees bullish momentum following $123 million increase in open interest

XRP sees bullish momentum following $123 million increase in open interest

XRP exchange reserves in Binance and Upbit have declined by nearly $13 million. In the past three days, investors opened over $123 million worth of XRP positions. XRP needs to overcome key descending trendline resistance to stage a rally to $0.6640.

More Ripple News
Coinbase launches wrapped Bitcoin token on Solana network

Coinbase launches wrapped Bitcoin token on Solana network

Crypto exchange Coinbase announced on Thursday that it has launched its synthetic Bitcoin token, cbBTC token, on the Solana network, marking its first token issuance on the Layer-1 platform. The new token will allow users to stake Bitcoin on Solana and use it as lending collateral.

More Cryptocurrencies News
Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak

Solana Price Forecast: Investors stake $1.3B SOL amid November winning streak

Buoyed by Donald Trump's victory at the polls, the global crypto market entered its third consecutive day on an uptrend on November 7, 2024. Amid the ongoing rally, Solana emerged one of the biggest gainers on Thursday, as demand for native memecoins further propelled market demand for SOL. 

More Solana News
Bitcoin: New all-time high at $78,900 looks feasible

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.

Read full analysis
Best Forex Brokers with Low Spreads

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.

Read More

BTC

ETH

XRP