Dogecoin Price Prediction! Could DOGE Hit $0.10 By November’s End?
NEW DELHI (CoinChapter.com) — Dogecoin price prediction today anticipates DOGE to reach $0.10 by November’s end. Earlier on Nov. 27, the memecoin rose toward $0.0875 before correcting lower. Nonetheless, it is still trading in a bullish zone.
Dogecoin Price Prediction Based on Technical Analysis
In the last DOGE price prediction, we saw a strong increase above the $0.070 resistance zone. The bulls gained strength and pumped the price above the $0.0750 resistance zone. Finally, it spiked toward the $0.088 zone before the bears appeared.
A high was formed near $0.0875, and Dogecoin started a downside correction. There was a drop below the $0.0780 level. However, the bulls were active above $0.070. The price is again rising and trading comfortably above the $0.0750 pivot level, enabling our Dogecoin price prediction to see a continued rally toward $0.10.
The current price action is positive above the 50-day simple moving average (blue), like Bitcoin. The price cleared the 50% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low.
Immediate resistance on the upside is $0.0812 (a multi-touch zone) and the 61.8% Fib retracement level of the downward move from the $0.0875 swing high to the $0.0707 low.
The next key resistance is near the $0.0835 zone. A close above the $0.0835 resistance could spark a fresh rally in DOGE. In the stated case, the price could even surpass the $0.0880 zone and test $0.0920. Any more gains might send the price toward the $0.10 hurdle.
Argentina Considers DOGE
In recent news, the Dogecoin community was buzzing with rumors about Argentina considering the adoption of DOGE as part of its financial strategy. Commenting and joking on the same, Markus, the co-creator of Dogecoin, stated that “it would be kinda funny if Argentina took up Dogecoin as its reserve currency.”
please note that i am definitely not advocating that it’s a good idea there’s many many reasons not to do something as wild as that (i don’t want to see headlines misrepresenting what i said… but my expectations are low)
just saying it would be amusing
— Shibetoshi Nakamoto (@BillyM2k) November 26, 2023
Dips Supported in DOGE?
Conversely, the bearish Dogecoin price prediction sees a downside correction from $0.0712. Immediate support on the downside is near the $0.075 level. There is also a crucial bullish trend line forming with support at $0.0750 on the same chart.
A downside break below the trend line could open the doors for a move toward the main support at $0.0700 or the 50-day simple moving average (blue).
The next major support is $0.0660. A daily close below the $0.0660 support might change the trend in the medium term. In this case, Dogecoin could drop toward $0.060. Any more losses send the price to $0.0535.
Overall, DOGE is signaling an uptrend continuation. If Dogecoin price clears the $0.0835 hurdle, it could rally toward $0.092 or even $0.10 in the near term. Conversely, the price might correct lower and revisit the $0.070 support.
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Filed under: Bitcoin - @ November 27, 2023 12:24 pm