dogecoin price analysis nov 8th 2022
Crypto News

Dogecoin Price Analysis & Prediction (Nov 8th) – DOGE Losing Momentum After Huge Returns in October, Is the Rally Over Now?

Recently, the price of Dogecoin increased significantly by over 165% following the sentiment of Elon Musk’s Twitter acquisition. Unfortunately, the bullish rally has cooled off after marking a 5-month high at $0.159. The leading meme coin slipped and lost 31% of its value over the past seven days.

Dogecoin is now looking bearish across all time-frames following the latest price reduction in the market. As shown on the daily chart, there’s still a chance for the crypto to regain momentum if the price can hold well above the $0.09 level.

A nice bounce at the mentioned level could trigger a positive rally for Dogecoin. The $0.1 level remains a psychological pivot to watch for bullish reactions. Price action is likely to respect this level before it decides on the next direction.

We can see that the price aims at the orange demand zone on a correction. Though, the bullish pattern is still in play. If the buyers fail to defend the $0.06 level well – acting as support for the past five months – the sellers could regain control.

There’s no sign of buyers on the lower time frame as more selling pressure could be underway. At press time, the price is trading at the $0.1017 level after losing 13% over the past few hours.

Dogecoin Price Analysis (DOGEUSDT) – Daily Chart

Source: Tradingview

The bears are currently eyeing the $0.09 support level – where the price broke out in late October. But if the support fails to hold the ongoing selling pressure, the following support to keep in mind is the $0.069 level. There is also support at the $0.062 level in case of further drops. 

For now, Dogecoin is holding resistance at the $0.13 level. The $0.159 level is currently serving as the monthly resistance. However, if the market bounces back and flips these mentioned resistance levels, the next resistance would be the $0.17 level and beyond.

Key Resistance Levels: $0.13, $0.15, $0.17

Key Support Levels: $0.09, $0.069, $0.062

  • Spot Price: $0.1017
  • 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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Image Source: leddamarita/123RF // Image Effects by Colorcinch

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