• Dogecoin price is sealed within the prevailing consolidation pattern. 
  • The canine-themed token is seeking a credible line of defense at $0.133 to prevent further decline.
  • The lower boundary of the governing technical pattern may act as a buying opportunity before DOGE bulls prepare to rebound.

Dogecoin price is presenting a buying opportunity as DOGE explores the reliability of key support at the lower boundary of the governing technical pattern. If a credible foothold develops at $0.133, a bounce toward the upside may be in the offing.

Dogecoin price could slide lower before a bounce

Dogecoin price has formed a parallel channel on the daily chart as DOGE continues to consolidate and confuse forecasts. The canine-themed token is likely to continue to move sideways between clearly defined technical levels.

Dogecoin price may continue to be sealed within the prevailing chart pattern, between the upper and lower boundaries. 

While selling pressure has increased, as indicated by the Arms Index (TRIN), DOGE may fall further to tag the lower boundary of the governing technical pattern at $0.133, which should act as reliable support for Dogecoin price.

If Dogecoin price manages to rebound, DOGE will face immediate resistance at the 21-day Simple Moving Average (SMA) at $0.161, then at the 50-day SMA at $0.168. An additional hurdle will emerge at the 23.6% Fibonacci retracement level at $0.179.

Dogecoin price will meet another challenge at the middle boundary of the prevailing chart pattern at $0.209, where the 100-day SMA and 38.2% Fibonacci retracement level intersect.

DOGEUSDT

DOGE/USDT daily chart

Dogecoin price may be confronted with a stiff obstacle at the 61.8% Fibonacci retracement level at $0.258, coinciding with the resistance line given by the Momentum Reversal Indicator (MRI).

Bigger aspirations will target the upper boundary of the prevailing chart pattern at $0.305, which would result in a 100% bounce.

However, if the bulls fail to reverse the period of sluggish performance, Dogecoin price may fall further toward the December 4 low at $0.130. 

 

RELATED CONTENT

 

Cardano Price Prediction: ADA bound for another 30% crash

Cardano participants seem to be split in half, with only sellers and bears present in the market, while bulls and investors remain on the sideline. The biggest reasons for this are the political rhetoric on Russia that is ramping up again this morning after statements that NATO and the US would send in more military material and troops. Financial markets, meanwhile, are awaiting the outcome of the FED monetary policy meeting Wednesday. These two tail risks keep price action muted or further to the downside, with investors sidelined. ADA this morning is drilling down on the monthly S1 support level and the historical $1.01 level that goes back to March 05. Once this breaks, expect not much support to be present until $0.69 where the monthly S2 support level kicks in at around $0.75, but the most significant historical level is at $0.69 from February 06. Expect buyers to come in there as that would mean that ADA price action is back at 0% on a Year-To-Date (YTD) performance.Read more

 


Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

Recommended content


Recommended Content

Editors’ Picks

US presidential election outcome could shape the future of crypto

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).

More Cryptocurrencies News
Bitcoin ETFs beat Gold ETFs with 65% gain since launch

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.

More Bitcoin News
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand

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.

More Ripple News
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF

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.

More Ethereum 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