While most meme coins are still dipping, Dogecoin found solid ground and bounced back. After a 10% surge overnight, it appears highly bullish on the daily chart, starting this week on a strong note.
Exactly a week ago, Dogecoin rejected the $0.18 level after rallying by over 70% in a month. That rejection triggered drops throughout last week, and the price retraced lower. Luckily for the bulls, the $0.142 level provided support, and the primary meme coin resumed its rally at full speed.
Following the latest surge, the price looks strong on the daily chart as it continues to sustain the bullish pattern—the higher high and higher low—initiated from 0.09 in September. It is facing a minor resistance at $0.17.
While the bullish pattern suggests that bigger moves lie ahead, it appears set to retake the mentioned rejected level, recently marked as resistance.
A successful break there should trigger a serious surge above the $0.2 level – where a major rally is expected to take place. If Dogecoin fails to break higher, it may look for close support before resuming bullish.
Doge’s bears are off the market at the moment. They may suffer more losses as demand grows amid the latest surge in volatility. A bigger price movement should be expected!
DOGE’s Key Level To Watch
Now that the bulls are back in action, they are much more likely to push above the $0.18 resistance, rejected last month. Breaking higher, the $0.21 and $0.229 levels are the next resistance levels to consider for tests.
If a drop occurs and the $0.1422 support level fails to contain pressure, the lower support levels to keep an eye on would be $0128 and $0.115.
Key Resistance Levels: $0.18, $0.21, $0.229
Key Support Levels: $0.1422, $0.128, $0.115
- Spot Price: $0.168
- Trend: Bullish
- Volatility: High
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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Source: https://nulltx.com/dogecoin-price-analysis-prediction-november-8-doge-resumes-buy-sets-to-break-higher-following-latest-surge/