- Doge price is preparing for another bullish rally in the coming days.
- With reference to the 4-hours chart, the price is trading above a bullish trend line.
- The price of Dogecoin fell by 4.7% overnight, and was reported to have a market cap of $17.43 billion.
Dogecoin is taking profits after incredible gains. DOGE was the trending altcoin last week. Over the past few days, Memecoin registered an unexpected price increase of over 160% as Elon Musk closed the Twitter deal. Buyers are determined for a more bullish rally, but a few things could be affected further.
Doge price increased from the $0.058 level to the weekly high of $0.1589. Amid the rally, speculators saw around 160 bull runs to 60-day highs, but due to profit-booking, the digital asset failed to sustain higher levels. Meanwhile, as of press time, DOGE price is trading positive against the USDT pair at the level of $13.17. Market leader BTC is stuck at $20,300, so its pairing with DOGE is down 3.86% to 0.000006488 satoshis.
On the 4 hours chart, the DOGE price is trading in roller-coaster rides so far. Although, price action is painting, higher-lows structure just above the ascending trendline (dotted white). Bears can not take control of the crypto trend until the price breaks down. So this will help bulls to reverse the trend ahead.
In the 4 hours chart, value sustains above 20,50,100 and 200 day moving averages. If any case, price slips then they all may act as support. Due to pump and dump,trading volume decreased 42% at $3.78 Billion. Notably, Dogecoin price slipped by 4.7% overnight, and the market cap reported at $17.43 Billion.
RSI is taking its leg back and reaching towards the semi-line on the daily price scale. At the time, its peak stayed at 77 mark, suggesting still bullish possibilities are here. In addition, MACD continues increasing higher along with higher-low histograms.
Conclusion
The Doge price trend was an advantage of the Elon Musk deal. This deal was really helpful for investors. Therefore buyers met a 6 month high of $0.1589 last week.
Support level – $0.10 and $0.050
Resistance level – $0.20 and $0.30
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
Source: https://www.thecoinrepublic.com/2022/11/03/dogecoin-price-prediction-doge-price-takes-support-at-support-trendline-but-uncertainty-isnt-over/