Cryptocurrencies

Dogecoin Price Prediction Following the Shift in Emotion

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Written By: Faith Maina
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    Summary:
  • Dogecoin price is trading below a level that has been a steady support zone since the beginning of November.

Dogecoin price has remained under pressure as it trades below November’s crucial support zone of $0.2500. Various cryptocurrencies, including Bitcoin, are on a similar trajectory following the easing of risk appetite.

Over the past two sessions, the crypto fear & greed index has been on the neutral side of the spectrum after exuding greed since last month. In Thursday’s session, it is at a neutral level of 54, which is slightly higher than Wednesday’s 52. The crypto market will likely remain under pressure in the near term.

Dogecoin price prediction

DOGE is trading sideways after dropping below a key support level earlier in the week. On Tuesday, the altcoin extended its week’s losses; falling below the crucial support zone of 0.2500.

After hitting November’s low of 0.2242, it has since rebounded to trade within a tight range of between 0.2300 and 0.2425. Over the past five sessions, Dogecoin price has dropped by 13.70%. At the time of writing, it was down by 1.3% at 0.2345.

On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. In the near term, I expect the prior support zone of 0.2500 to be a key resistance level. From this perspective, Dogecoin price will probably trade within a range of between Wednesday’s low of 0.2295 and along the 25-day EMA at 0.2434. A move below the stated lower border will likely place the support zone at 0.2200.

Dogecoin price

This post was last modified on Nov 18, 2021, 08:26 GMT 08:26

Written By: Faith Maina

Faith Maina is a financial analyst and economist. She holds a Bachelor’s Degree in Economics and is underway in her Master’s degree course. She has an expansive understanding of global markets and their drivers. Her specialities are currencies, crypto, commodities, and equities. She lives in Nairobi, Kenya with her husband and son.

Published by
Written By: Faith Maina