- Dogecoin price produced a clean move above the $0.0894 to $0.0861 resistance area, hinting at a rally.
- Since it is the weekend, investors must exercise caution as the markets are not resilient to manipulation due to a lack of liquidity.
- A daily candlestick close below the $0.0861 support level will invalidate the bullish outlook for DOGE.
Dogecoin price shows a considerable spike in buyers’ strength on the last weekend of November. DOGE has revealed a clean breakout above an immediate hurdle, suggesting the possibility of continuing this trend.
Dogecoin price can continue its ascent if…
Dogecoin price has pushed through the $0.0894 to $0.0861 resistance area after more than two weeks of failed attempts. This push comes on November 25 as the daily candlestick spiked nearly 7%. If DOGE sustains above this level, it will indicate a resurgence of buying pressure and kick-start a run-up.
The most likely level that bulls will target is $0.1125, which served as a support level between October 30 and November 7. Therefore, investors looking to book profits on their Dogecoin price rally can do so at this hurdle
Supporting the case for DOGE is the Relative Strength Index (RSI) shifting above the 50 level, aka midpoint, after two weeks of failed attempts. This move indicates that the bullish momentum is back and is likely to sustain. In such a case, the bullish outlook noted from the Dogecoin price action is expected to come true.
Moreover, the last week of a month is often volatile, hence investors can expect a quick 20% move from DOGE.
DOGE/USDT 1-day chart
While things are looking up for Dogecoin price, a breakdown of the $0.0861 support level will invalidate the bullish outlook. This move would shift the narrative, pushing holders to offload their holdings.
In such a case, DOGE could revisit the $0.0813 support floor.
Here's how Bitcoin's moves could affect Dogecoin price
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
Ocean Protocol Price Prediction: Stunning bullish signals going unnoticed
Ocean Protocol (OCEAN) price has outperformed nearly all of the cryptocurrencies in the space. The parabolic move shows no signs of slowing down yet little coverage has surfaced from crypto media outlets. This article analyzes OCEAN’s price action to gauge where it may find resistance ahead.
Hedera Hashgraph Price Prediction: A potential bullrun with caution
Hedera Hashgraph price shows potential to continue its uptrend. The consolidation phase could be viewed as a buying opportunity in hindsight. However, the risk to the downside should be considered.
SushiSwap price rises by 8% following social coordination launch; AAVE, MKR next?
SushiSwap price noted a sharp rise during the intra-day trading hours, which was followed by a special announcement by the leaders of the Decentralised Finance (DeFi) space.
Decentraland Price Prediction: Consolidation before the next move
Decentraland price has seen impressive growth in recent months, with a 145% rally last month alone. However, the crypto asset has faced some cooling off lately, losing 7% of its market value in the last three days.
Bitcoin: Nonfarm Payrolls on the radar after Powell’s speech propels BTC higher
Bitcoin (BTC) price is at an inflection point as it continues to rally amid multiple sell signals on lower time frames. The Nonfarm Payrolls (NFP) report, including the unemployment rate and average hourly earnings, is set to be announced on February 3 at 1330 GMT.