• Dogecoin price clings to 200-DMA as DOGE bulls gather strength.
  • Falling channel breakout on the 1D chart calls for a test of $0.45.
  • RSI turns south but holds well above 50.00, supporting DOGE buyers.

With the rotation of investors’ capital from Bitcoin, Ethereum and Ripple into the canine-themed coins over the past week, Dogecoin wasn’t left behind, as it is looking to end the week with 16% gains.

Despite this week’s solid performance, DOGE bulls seem to have taken a breather over the last 36 hours, as the price enters an upside consolidative mode after Thursday’s massive surge to four-month tops of $0.3556.

In doing so, DOGE price surpassed the mid-August highs of $0.3552, from where the preceding downtrend had kicked in.   

The tenth most widely is trading marginally lower on the day, unable to find footing above the $0.29 mark for the second straight day this Saturday.

Dogecoin price eyes additional upside despite the recent pullback

As observed in Dogecoin’s daily chart, DOGE price is trying hard to defend the critical 200-Daily Moving Average (DMA) at $0.2861, as it extends the corrective pullback from two-month highs on Saturday.

However, DOGE price continues to waver within Friday’s trading range, as the bulls bide time before a convincing extension of the renewed upswing.

On Thursday, the canine-inspired coin soared 27%, extending the upside breakout from a two-month-long falling channel confirmed last Sunday. The channel breakout materialized after DOGE price closed above the falling trendline resistance, then at $0.272.           

DOGE bulls recaptured the upward-pointing 200-DMA on the massive upswing and have managed to close above the latter, thus far.

The latest move lower in Dogecoin can be attributed to the sharp downtick in the Relative Strength Index (RSI) indicator. The pullback appears shallow and could be seen as a good dip-buying opportunity for DOGE optimists, as the RSI continues to hold above the midline.  

If the bulls fight back control, then DOGE price could swing back towards the multi-month highs above $0.3550.

The next upside barrier for DOGE bull is placed at pattern target measured at $0.4432.

DOGE/USD: Daily chart

On the downside, DOGE price could meet initial demand at the channel resistance now support at $0.2649 should the correction picks up steam and knocks down the 200-DMA on a daily closing basis.

Further south, $0.2490 will limit additional losses in Dogecoin. At that level, the 21-DMA meets the 100-DMA.

 


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