Dogecoin Slides To Support Of $0.11; These Indicators Point To Bearish Weakness
04 Novembre 2022 - 5:49AM
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After breaking out from its long-range channel movement, DOGE’s
price shows much strength but has struggled recently.
DOGE suffers more sell-off as price loses steam to rally
higher, falling to its key support for bulls to push price up.
DOGE’s price remains strong on the daily timeframes as the price
trades above the 50 and 200 Exponential Moving Averages (EMA).
Dogecoin (DOGE) price recently showed some great price action as
the price rallied to a high of $0.15, gaining over 150% within 7
days. Still, the price has failed to live up to the expectations
and hype it initially got. The crypto market has enjoyed a bit of
relief across all assets, with Bitcoin (BTC) showing great
traction, rallying and dragging the market. Dogecoin (DOGE)
spearheaded the rally but has struggled to gain form in the past
few days. (Data from Binance) Related Reading: Dogecoin Crosses A
200-Day Moving Average Since June 2021 Dogecoin (DOGE) Price
Analysis On The Weekly Chart The past week has seen many altcoins
continue to produce over 200% gains over the past 7 days of
breaking out of their range-bound movement, as many believe more
hope could be settling into the crypto space once more. The
new week has looked more promising for some altcoins, like A MASK
rallying over 200% in less than 7 days, showing the price action
and volume for buy orders. The price of DOGE, despite showing such
movement, is yet to live up to the hype of a possible $1 of this
great memecoin. After dropping from its high of $0.73 some months
back, the price of DOGE has had a great struggle to pull off a
rally that has left many in euphoria just like other memecoins,
with many faithful hoping DOGE rewards their faithfulness as a DOGE
army. The price of DOGE saw its trade at a low of $0.05 on
the weekly chart; the price swiftly bounced from this region as the
price rebounded to a region of $0.155, where it was rejected to a
region of $0.12. Weekly resistance for the price of DOGE – $0.155.
Weekly support for the price of DOGE – $0.12. Price Analysis Of
DOGE On The Daily (1D) Chart In the daily timeframe, the price of
DOGE continues to look weak as the price has had more price
sell-off recently than in previous days, as everyone wanted a rally
to $1. After displaying a bearish divergence in the four-hourly
timeframe, the DOGE price continues to decline, with many wondering
if this was just a scam pump as many would fancy the name. The
price of DOGE sits on the 32.8% Fibonacci retracement value,
indicating that a break and close below this level will mean more
sell orders for DOGE price. Daily resistance for the
DOGE price – $0.15. Daily support for the DOGE price – $0.11.
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Dogecoin (COIN:DOGEUSD)
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