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Dogecoin Forecast and Analysis November 11, 2021

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DOGE/USD are traded at the level of 0.2705 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of growth from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2585 area. Where can we expect a rebound again and continued growth in the Dogecoin rate with a potential target above the level of 0.3415.

Dogecoin Forecast and Analysis November 11, 2021

In favor of the growth of the DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the 0.2165 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1905. With the breakdown of the resistance area and closing of quotations above the level of 0.3135, we should expect confirmation of the development of a bullish trend in Dogecoin.

Dogecoin Forecast and Analysis November 11, 2021

Dogecoin Forecast and Analysis November 11, 2021 imply an attempt to correct and test the support area near the 0.2585 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3415. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2165 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1905.

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Ethereum

Ethereum and Dogecoin Primed for Breakouts As Crypto Markets Gear Up for Bullish December, According to Analyst Justin Bennett

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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.

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“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.

Let’s see.”

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Source: Justin Bennett/Twitter

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.”

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Source: Justin Bennett/Twitter

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.

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Just add volume.”

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Source: Justin Bennett/Twitter

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.”

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Source: Justin Bennett/Twitter

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Binance

Binance Exchange Resumes Dogecoin (DOGE) Deposit and Withdrawal

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  • 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.

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.

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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.

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Dogecoin

Dogecoin price analysis: DOGE rejected at $0.207. What’s next?

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  • 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.

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Dogecoin price analysis: DOGE rejected at $0.207. What's next? 1
DOGE/USD 1-day price chart. Source: Tradingview

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.

Dogecoin price analysis: DOGE rejected at $0.207. What's next? 2
DOGE/USD 4-hour price chart. Source: Tradingview

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.

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