- Dogecoin consolidates at the lower end of a trading range after a 50% decline.
- A bearish death cross has been spotted while on-chain metrics continue to display bearish signals.
- Invalidation of the bearish outlook is a breach above $0.103.
Dogecoin price could be hinting that another move south is on the way. As the third trading week of November commences, the technicals leave sparse signals for the bulls to believe in. Key levels have been defined to determine DOGE's next potential move.
Dogecoin price looks dicey
Dogecoin price shows concerning technicals that the notorious meme coin investors should be aware of on November 14. DOGE consolidates within a pennant-looking formation, 50% below the Novembers monthly high.
Dogecoin price currently auctions at $0.085. The bulls have recently been denied entry to the $0.090 price level. Over the weekend, the 8-day exponential moving average produced a bearish death cross above the 21-day simple moving average. The DOGE price has witnessed a minuscule reaction to the cross, which is peculiar in its own right. If the coiling pennant does break out to the downside, a strong downtrend move could resolve the congestive pattern. Bearish targets are likely near the summer lows at $0.049 and potentially new yearly lows near $0.040.
DOGEUSDT 1-Day Chart
On-chain metrics continue to highlight the bearish possibility as whales behind the scenes seem to be preparing for a move. Santiment's Whale Transactions Count >1M shows a considerable influx in the movement of the Dogecoins. The indicator hints at the underlying sentiment that DOGE Whales are experiencing, Perhaps booking short-term profits is more favorable than hodling for long-term gains in such a volatile market environment.
Santiment's Whale Transaction Count (>1M USD)
Considering these factors, the DOGE price may be in for some troublesome days ahead.
Invalidation of the bearish thesis requires a bullish retaliation spike hurdling above the $0.103 liquidity levels. If the level is breached, DOGE could produce a bear trap rally targeting the November monthly high at $0.150. Such a move would result in a 90% increase from the current Dogecoin price.
In the following video, our analysts deep dive into the price action of DOGE, analyzing key levels of interest in the market. -FXStreet Team
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 Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
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.