Dogecoin price might head south for the Winter as whales consider offloading


  • 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. 

tm/doge.11/14/22

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.

tm/dogehale/11/14/22

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


Recommended Content

Editors’ Picks

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates while ETH and XRP show some strength

Top 3 Price Prediction Bitcoin, Ethereum, Ripple: BTC consolidates while ETH and XRP show some strength

Bitcoin (BTC) consolidated between $94,000 and $100,000 in the last nine days. Ethereum (ETH) and Ripple (XRP) prices stood relatively stronger and have gained nearly 3% and 7%, respectively, this week.

More Cryptocurrencies News
Trump's US reciprocal tariffs pause fails to improve Bitcoin and crypto market outlook

Trump's US reciprocal tariffs pause fails to improve Bitcoin and crypto market outlook

Bitcoin (BTC) and top cryptos halted their declines following a pause in President Donald Trump's reciprocal tariff plans, which were originally scheduled to go live on Thursday.

More Cryptocurrencies News
Ripple vs SEC battle nears end as the regulator acknowledges Grayscale XRP ETF filing

Ripple vs SEC battle nears end as the regulator acknowledges Grayscale XRP ETF filing

Ripple's XRP is up 4% in the early hours of Friday following the Securities and Exchange Commission (SEC) acknowledgment of Grayscale's 19b-4 filing to convert its XRP Trust to an ETF.

More Ripple News
200,000 New Investors Buy Ripple (XRP) 30-Days After Gensler’s Farewell: What Next for Stellar (XLM)?

200,000 New Investors Buy Ripple (XRP) 30-Days After Gensler’s Farewell: What Next for Stellar (XLM)?

Ripple (XRP) price consolidated around $2.40 on Thursday, up 11% since Monday, technical indicators suggest Stellar (XLM) has joined the rally.

More Ripple News
Bitcoin: BTC consolidates before a big move

Bitcoin: BTC consolidates before a big move

Bitcoin's (BTC) price has been consolidating between $94,000 and $100,000 for the last ten days, and, when writing on Friday, it hovers around $97,000. Despite this consolidation, US Bitcoin spot Exchange Traded Funds (ETFs) data recorded a total net outflow of $650.80 million until Thursday, hinting signs of weakness among institutional investors.

Read full analysis
The Best Brokers of the Year

The Best Brokers of the Year

SPONSORED Explore top-quality choices worldwide and locally. Compare key features like spreads, leverage, and platforms. Find the right broker for your needs, whether trading CFDs, Forex pairs like EUR/USD, or commodities like Gold.

Read More

BTC

ETH

XRP