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Mapping Dogecoin’s path to $0.445

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Dogecoin was back amongst the gains after recording a 27% jump over the last 24 hours. More importantly, DOGE breached the upper trendline and paved for an extended rally. The coming days would see DOGE challenge some critical price areas to maximize its value. In case DOGE bulls can gather numbers above $0.38, expect DOGE to tag its ultimate price ceiling at $445.

Dogecoin Daily Chart

Source: DOGE/USD, TradingView

Dogecoin eyed a 27% surge from its breakout point of $0.283 based on the highs and lows within its rising wedge. Should bulls capitalize on the ongoing breakout, DOGE would revisit its 16 August’s swing high of $0.352, provided bulls are able to overturn the $0.321 price ceiling convincingly. The ultimate hurdle lay at a resistance mark of $0.445, following which DOGE can challenge its May ATH.

Now according to the Visible Range Profile, there was an abundance of sell pressure between $0.30 and $0.380, which meant that DOGE’s ascent would be so straight forward like some of its other counterparts which were tackling record levels.

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However, the building blocks for an extended push would be laid as soon as DOGE is able to register a close above $0.30. Moreover, a throwback to $0.30 would initiate new longs in the market, paving way for a bullish outcome.

Reasoning 

DOGE’s RSI has formed consistent higher lows since 21 September, which was a huge positive. As bulls made steady progress, the RSI needed to best its earlier peak around 70 in order to stretch its leg above overbought territory. Meanwhile, the Directional Movement Index heavily favored the bulls as well. However, the MACD held a bullish-neutral outlook as buyers were yet to solidify their presence.

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Conclusion 

DOGE targeted a close above key areas to maximize its breakout potential. Over the near-term, a throwback can be expected at $0.30, after which DOGE would continue its ascent toward to $0.352. From there, a decisive close above $0.380 would see DOGE make its way towards the ultimate challenge at $0.445.

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Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186

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  • Dogecoin price analysis is bearish today.
  • DOGE/USD lost over 18 percent from the last high.
  • Support was found at $0.186.

Dogecoin price analysis is bearish today as we expect further tests of downside to follow after a slight recovery from the $0.186 low. Likely, DOGE/USD will not react higher for long as sellers are still strong in the market.

Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186 1
Cryptocurrency heat map. Source: Coin360

The market overall saw bearish momentum return over the last 24 hours. The market leader, Bitcoin, declined by 7.56 percent, while Ethereum lost almost 9 percent. Meanwhile, Dogecoin (DOGE) follows, with a loss of a little over 5 percent.

Dogecoin price movement in the last 24 hours: Dogecoin drops overnight, finds support at $0.186

DOGE/USD traded in a range of $0.1954 – $0.2288, indicating strong volatility over the last 24 hours. Trading volume has increased by 87.15 percent, totaling $2.36 billion, while the total market cap trades around $26.88 billion, ranking the coin in 10th place overall.

DOGE/USD 4-hour chart: DOGE looks to recover today’s loss

On the 4-hour chart, we can see the Dogecoin price action reacting higher after further downside was rejected over the last hours.

Dogecoin Price Analysis: DOGE breaks September low, finds support at $0.186
DOGE/USD 4-hour chart. Source: TradingView

Dogecoin price has seen continuous decline so far in November. After a spike to $0.34 at the end of September, DOGE/USD saw a strong reversal over the following days.

Since then, a series of lower lows and highs have been set until the $0.215 mark was reached on the 18th of November. The support prevented further downside for more than a week, while lower highs were still being set.

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Yesterday, we saw the Dogecoin price set lower high again before starting to rapidly move lower. The $0.215 support was finally broken earlier today, leading to the $0.186 set as the new low. Over the past hours, a slight reaction higher followed, however, we should see DOGE/USD retest the low later today. 

Dogecoin Price Analysis: Conclusion 

Dogecoin price analysis is bearish today as we expect further downside to be tested after the current reaction higher ends. Likely we will see DOGE/USD look to retest the newly set low as sellers are still active. 

While waiting for Dogecoin to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

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Whales Are Buying Dogecoin According to Smart-Contract Activity

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Dogecoin on-chain activity suggests that traders might be trying to enter the coin at lows

The smart contract activity is one of the indirect ways of determining the number of actions that take place on-chain of one or another asset. In the case of Dogecoin, it has entered the top 10 most actively used smart contracts on the Ethereum chain. 

According to the provided data, Doge took 7th place among the most actively interacted smart contracts on the chain. The meme-coin shared the top with coins like Binance Smart Chain, Binance USD and Chia Coin.

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The usage of smart contracts usually implies increased buying activity since, in order to utilize a coin’s smart contract, users have to own a certain amount of tokens or coins.

While Doge’s on-chain data suggest that more people are starting to use it, the market data suggests the opposite. According to TradingView, Doge/USD trading pairs are losing up to 10% of their value.

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At today’s low, Doge reached 15% in certain hours and tested the $0.188 support. The last time Dogecoin was trading at the same level was back at the end of September. Rapid growth in coins’ value was followed by the overall bullish cycle on the cryptocurrency market.

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Elon Musk Acts on Behalf of Dogecoin Holders, Grabs the Attention of Binance CEO Changpeng Zhao

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Elon Musk has grabbed Binance CEO Changpeng Zhao’s attention on Twitter as Dogecoin (DOGE) holders face withdrawal issues on the world’s largest exchange.

Binance suspended the withdrawal of DOGE on its platform on November 11th due to an issue caused by an upgrade. The exchange says it is suspending withdrawal transactions for up to 14 days as it continues to resolve the problem.

“The root cause is a technical issue during the recent upgrade process that caused old transactions to be resent to 1,674 users.

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Since the incident occurred, DOGE Network has been providing us with support, but we have to rebuild the wallet entirely, which is causing a delay that we expect may last another week or so. It’s a long and complex process, but the team is working hard.”

In a series of tweets, Musk gave Zhao his take on Binance’s DOGE withdrawal suspension, calling the situation “shady.” Zhao apologized for the inconvenience while pointing to the technical nature of the issue. Zhao then took the opportunity to cast some shade himself.

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Binance also says that it is working to fix the problem and clarifies that the issue is “not shady.”

The company acknowledges that users are upset they cannot withdraw their DOGE coins, but assures Musk that it is working to resolve the issue and will provide round-the-clock customer support to affected users.

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The Tesla CEO says that he is not a Binance user and is just voicing concern on behalf of other Dogecoin holders.

“I don’t use Binance (tried at one point, but signup was too many hoops to jump through), so no inconvenience to me personally. Just raising this issue on behalf of other Doge holders.”

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