Indeed, Dogecoin (DOGE) has seen woeful sessions in a far as November is concerned. Total market retracements have eroded the meme coin’s value gradually over the past 20 days. That had DOGE declining by 26%. For now, the candlesticks remain under their daily 200, 50, and 20 SMA line and encounter short-selling’s impact.
Though a possible bullish crossover by the Moving Average Convergence Divergence might determine Dogecoin’s price movements in the near term, an overhead resistance level means a massive challenge. While publishing this article, DOGE trades at $0.2327, following a 0.5% in the previous 24 hours.
Dogecoin Daily Chart
As Dogecoin moves under the 20, 50, and 200 Simple Moving Averages, short-selling remained a crucial threat if another correction phase dominates the total crypto market. That can witness DOGE shifting towards the massive support level at $0.1936 since it mismatched with the low price level.
Meanwhile, the support mentioned earlier appears safe for the Dogecoin price. The same footing catalyzed an 80% upswing during early August sessions and another 40% surge in September. From this level, new longs emergence can trigger another rally.
Dogecoin requires a daily close beyond $0.242 – $0.272 to expel some of the selling strength to prevent a 16% fall, retesting the reliable support. This range matched with the Moving Averages mentioned above along with Visible Range POC. The next downswing can emerge when Dogecoin tags the price ceiling at $0.297.
Now What?
Since the Relative Strength Index languished inside the bearish region, an immediate breakout past $0.272 is somewhat unlikely. The Directional Movement Index depicted a bearish picture. That comes as the –DI maintains beyond the +DI. However, some optimism came from the possible bullish cross on the Moving Average Convergence Divergence. However, Dogecoin will require massive cues to challenge the crucial hurdles ahead.
Final Thought
DOGE requires a surge beyond $0.242 – $0.272 to enter a bullish bias. Nevertheless, the weak picture by the RSI and DMI showed a long-term bearish thesis for Dogecoin, regardless of the optimistic outlook by the MACD. Dogecoin will change the downward narrative after the 16% correction see it on more dependable support of $0.193.
