Cryptocurrencies

Dogecoin Price Prediction As The Bulls Lose Momentum

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Written By: Abdullah Sarwar

Nov 14, 2023, 22:38 GMT 22:38

Summary:

The price of Dogecoin is hanging by a thread after a strong sell-off on Tuesday. A breakdown below $0.068 will be very bearish for DOGE.

DOGE to USD pair tanked 2.75% on Tuesday as the Bitcoin price dropped to fresh weekly lows. This negative Dogecoin price action could be attributed to strong profit-taking by the short-term traders as well as the flow of capital to the tech stocks, which were up today.

As a result, the DOGE price was up 3.04% as the biggest memecoin by the market capitalization extended its weekly loss. In addition, the recent breakout from the downtrend is hanging by a thread as the selling pressure keeps increasing.

Dogecoin also slid against the bitcoin as the DOGE/BTC pair was down 0.98% till press time. This showed that the traders dumped the leading memecoin for Bitcoin on the crypto exchanges.

DOGE Technical Analysis

Technical analysis of DOGE chart is pretty straightforward. After a breakout from the downward trendline, the price has fallen back into the downtrend. However, the daily candle is yet to close below the trendline and bulls still have a few hours to step in.

A breakdown below $0.068 will be very bearish for the Dogecoin price as this level lies at the 200 MA on the daily chart.

DOGE To USD Chart

This post was last modified on Nov 14, 2023, 22:38 GMT 22:38

Written By: Abdullah Sarwar

Abdullah Sarwar is a blockchain analyst and a cryptocurrency investor with more than 5 years of experience. He specializes in providing crypto price projections based on their fundamentals and price charts. He is also a successful day trader. He graduated in 2015 with a degree in electronic engineering. In his free time, he loves listening to electronic music and playing with trading bots.