- DOGE price rallied shortly after Shiba Inu overtook Dogecoin to become the eighth-largest cryptocurrency by market value.
- Dogecoin skyrockets even as other dog coins break into a rally.
- DOGE must hold above the 200-day SMA at $0.2836 to continue the rally.
Dogecoin (DOGE) rallied by approximately 46% bouncing off the 50-day Simple Moving Average (SMA) around $0.2389 to hit an intra-day high above $0.35 for DOGE price on Thursday.
Analysts have noted a significant shift of capital from top-ranked cryptocurrencies by market value to dog coins as the market gets steamed up. DOGE has recorded a 27% rally over the last 24 hours as SHIB rallied approximately 40% over the same period (190% in seven days).
The Less popular dog-themed coins FLOKI and SAMO skyrocketed by triple digits of 125% and 113% within the day.
This amid a season of Dog-themed cryptocurrencies rallies as proponents debate whether this marks the end of the recent Bitcoin bull run.
Pseudonymous crypto analyst and investor @LilMoonLambo told his over 137,000 followers on Twitter that the BTC top is in for the year 2021.
DOGE Price Trades Above $0.30
Dogecoin price soared on October 28 as the DOGE Army reacted to SHIB’s overtake of the DOGE coin to claim the number 8 position in terms of market cap ranking, according to data from CoinMarketCap.
The sudden rally has pushed Dogecoin’s market value to $39,764,327,863, a mark the Shiba Inu earlier surpassed, with the two ‘meme-coins’ now battling on who will come out at the top.
At the time of writing, DOGE price hovers at $0.3015, rising after yesterday’s correction and faces resistance from immediate resistance above the $0.30 supply zone (the red band).
A closure above this point could see DOGE continue the rally to rise above the red band at $0.31 to tag the August 16 range high above $0.3572.
The sharp rising Relative Strength Index (RSI) towards the overbought zone and the position of the MACD above the zero line validate this bullish narrative.
DOGE/USD Daily Chart
On the flipside, if DOGE bulls are unable to sustain the current momentum, Dogecoin price may slip below the 200-day Simple Moving Average (SMA) at $0.2836. If this happens, DOGE price may drop further to seek support at the 100-day SMA at $0.2475 or the 50-day SMA at $0.2354.
Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett
Crypto analyst Justin Bennett says that December could bring rallies to the digital asset markets, with Ethereum (ETH) and Dogecoin (DOGE) potentially at the forefront.
The analyst tells his 91,000 Twitter followers that the dollar index (DXY), which compares the USD to a basket of other fiat currencies, is flashing a bullish signal for the crypto markets.
A weaker DXY often signals higher prices for many assets. Bennett notes that DXY may have just had a failed breakout, and could now be facing downward momentum.
“DXY looks good for a crypto rally heading into December.
Friday’s close back inside this channel indicates weakness. Now for a close below 95.80.
Bennett also has his eye on the chart for the total market cap of crypto (TOTAL). According to him, TOTAL is nearing the end of a large bullish descending wedge. He also notes a divergence between the rising relative strength index (RSI) and the downward price movement. A rising RSI during a downtrend is often interpreted as a hint of a bullish reversal.
“TOTAL falling wedge and bullish divergence developing on the intraday charts.
Something to keep an eye on.”
Looking at Ethereum, the analyst says that next month looks good for the world’s second-largest crypto. Bennett says ETH is “poised to do well in December,” and could already be jostling for a breakout, as long as it sees more volume.
“ETH approaching a breakout level.
Just add volume.”
Also joining the rallies, according to Bennett, is leading memecoin Dogecoin (DOGE). He says DOGE is in the middle of a breakout, with its first key resistance at $0.25, and a final resistance level at all-time highs above $0.75.
“DOGE is breaking out.”
Binance Exchange Resumes Dogecoin (DOGE) Deposit and Withdrawal
- Dogecoin deposit and withdrawals and now opened on Binance exchange.
- All the deposits and withdrawal crises have been resolved on Binance.
Binance team just announced that they have now resumed all Dogecoin deposits and withdrawals services on their exchange. According to them, they have resolved all the disheartening network problems that occurred during their DOGE wallet upgrade with Dogecoin Core maintainers. This means that DOGE holders can now experience a new level of Dogecoin-related services from today.
After the quarrel between musk and cz, Binance announced today that all the problems have been resolved, and DOGE has resumed deposits and withdrawals. 1634 users have received duplicate transactions. https://t.co/kF73YT75Mi— Wu Blockchain (@WuBlockchain) November 29, 2021
Citing from the report, as soon as Binance exchange and Dogecoin Core maintainers resolved the problem, more than 1634 users received a duplicate DOGE transaction in their wallets.
In a separate announcement, the Binance team explained that the issue wasn’t from their side and moreover, they never intended for such an unforeseen issue to occur. Additionally, the team even gave quick scenarios on some factors that could lead to this kind of issue.
Your platform had listed DOGE all the way back in 2019, at v1.14.0 2) had transactions stuck in the wallet 3) had upgraded the wallet to v1.14.2 4) and then updated to v1.14.5 — you can have an issue.
The announcement further assured users that Binance and the Dogecoin Core team will work together to diagnose, solve, and prevent similar issues from occurring in the future. Furthermore, this Dogecoin withdrawal issue caused a slight clash between Elon Musk and Binance CZ.
Dogecoin price analysis: DOGE rejected at $0.207. What’s next?
- The Dogecoin price analysis is bearish.
- Resistance is found at $0.209.
- Support is present at $0.203.
The Dogecoin price analysis is bearish today. After the 26th November flash crash and hitting November’s low, DOGE recovered slowly for two days and again faced rejection at $0.207 today, which is already a quite lower price level for DOGE/USD. Overall, DOGE is on the decline from 29th October and has not been able to break out of the bearish cycle.
The broader cryptocurrency market has been bullish for the last 24 hours, along with Bitcoin and many altcoin‘s turning green reporting handsome profits. However, many coins are observing a reversal today, and even Bitcoin, after swinging high, has reverted back to some degree which may also turn negative in the coming hours.
DOGE/USD 1-day price chart: DOGE needs to consolidate to stop further downside
The 1-day Dogecoin price analysis shows the coin has covered a downwards range today again after recovering a little for the last two days, but the recovery was not sufficient enough to change the trend, and the coin continued downside today again. Doge has not been able to enter consolidation as the market sentiment continues to be negative. DOGE/USD is trading hands at $0.205 at the time of writing.
However, due to the positive price function for the last two days, the coin reports a 2.89 percent increase in value over the last 24 hours, the only reason being the last spike in price just four hours ago. The real picture is that the coin has lost 7.86 percent over the last week. The trading volume has also turned down by a little more than four percent.
The volatility is high for DOGE, with the Bollinger bands covering more area, the upper band is present at the $0.273 mark, and the lower band is at the $0.191 mark representing a support zone for DOGE. The mean average of the indicator at $0.232 represents the resistance zone for DOGE.
The moving average (MA) continues to trade above the price level at the $0.214 level complementing the bearish trend. The relative strength index (RSI) is also at a lower level of index 35, trading on a downwards slope indicating more selling activity in a low momentum market.
Dogecoin price analysis: Recent developments and further technical indications
The 4-hour Dogecoin price analysis shows a countable decrease in price as well. The overall trend on the 4-hour chart is also downwards, with a clear pattern of smaller steps upside followed by steep plunges on the downside; however, a high spike was observed during the last four hours of yesterday’s session, which helped in marking a green candlestick on the 1-day chart as well, indicated by a longer second last green candlestick on the 4-hour chart.
The MA here is below the price level at the $0.202 mark, and the RSI is also at a better score of 45 due to the price spike observed recently but still in the lower half of the neutral zone and again trading on a downwards slope.
Dogecoin price analysis: Conclusion
The Dogecoin price analysis concludes the DOGE has followed Bitcoin’s pattern pretty basically. If Bitcoin tanks which is already on a decline since 9th November, then all crypto follows. DOGE has spiked high whenever Bitcoin breakouts to ATH, as is obvious from May, June, and then from October bull run of DOGE, so if Bitcoin continues downside towards $48k range, then we see DOGE test $0.170 range. For intraday trading, the coin is expected to continue downside for the next 20 hours.