Dogecoin price analysis continues to show bearish reading as yesterday’s decline fell further with price lowering down to $0.1164, recording a 5 percent decrement. A further 12 percent decline could be in place for DOGE after bullish growth in October stretched price up to $0.1572. Resistance is set at $0.135 over the current trend as Dogecoin price trades at $0.126 at the time of writing. If selling pressure persists, price could drop down to the $0.11 support over the next 24-48 hours of price action.
The larger cryptocurrency market showed signs of significant increments across the board, led by Bitcoin’s revival to cross the pivotal $21,000 mark with a 5 percent increase. Ethereum launched 8 percent to set at $1,600, whereas major Altcoins also followed the trend. Ripple rose more than 9 percent to move as high as $0.50, while Cardano moved up to $0.42 after making an 8 percent jump. Meanwhile, Solana shot up by 9 percent to sit above $34, whereas Polkadot made a similar jump to move above $7.0.
Dogecoin price analysis: DOGE offers discounted entry points for buyers on daily chart
On the 24-hour candlestick chart for Dogecoin price analysis, price can be seen in continuous decline since November 2, which has seen lows around the $0.11 support. Bulls may attempt to rescue price in the short-term, but DOGE could be in line for a further 12 percent correction on the daily chart, as suggested by the overbought relative strength index (RSI) at 73.08. Price also keeps just above the 9 and 21-day moving averages, along with the crucial 50-day exponential moving average (EMA) at $0.114.
With the current downtrend in place, DOGE offers buyers a chance to enter the market in a state of dip at discounted prices. In this scenario, a bullish breakout past the $0.135 resistance could trigger an increment up to $0.152. The moving average convergence divergence (MACD) curve in this case offers encouragement in showing a bullish divergence above the neutral zone.
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