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DOGE Technical Analysis: The Critical Point Is in the $0.22-$0.23 Zone

source-logo  cryptoknowmics.com 20 November 2021 13:41, UTC

The trading week on the DOGE market on 15 November is held in the style of tickling the nerves of investors. After a failed attempt by buyers in late October to break the middle line of the growth channel for 3 weeks, the response of sellers continues. During this time, the DOGE price fell by 22% and jeopardized the harmonious continuation of movement within the growth channel. This week, sellers briefly managed to break the bottom trend line of the growth channel. This fact has happened without increased volumes. And most likely, sellers will try to finish the job with a help of the next weekly candle.

https://www.tradingview.com/x/eiCdbEd3/

Thus, a consolidation triangle was organized on the DOGE market. To continue the growth wave, buyers need to break the mark of $0.343. Realizing this target for buyers, the way to the mark of $0.5 will be open. Otherwise, the DOGE price will quickly fall to $0.18, where buyers will begin construction of a new growth wave.

Technical Analysis of DOGE in the Daily Timeframe

https://www.tradingview.com/x/nFIaa3ci/

Analyzing the DOGE price movement on the daily timeframe, we can see that trading volumes have long since left this market. The last time in six months the high trading volumes were recorded on 28 October. On that day, buyers were as close as possible to break the consolidation triangle up. However, the DOGE price has fallen without volumes below the mark at the moment, which started a strong growth impulse on 28 April.

The last hope of buyers for the maintenance of the global initiative in the market is the range of $0.22-$0.23. As we can see in history, this range from 7 September perfectly keeps the DOGE price with the exception of a few false breakdowns. If buyers can now organize a strong rebound from the range of $0.22-$0.23 and retain control over it in retest, then in December, we will see a powerful growth wave in the DOGE market.

The DOGEBTC Price Continues to be in Correction

https://www.tradingview.com/x/SM1u1plY/

The weekly timeframe of the DOGEBTC price shows us that the prospect of a continued decline in the correction channel limits is still there. Buyers do not make any effort to change the situation and this can be seen in the trading volumes. The DOGEBTC price may fall by another 30% to the nearest liquidity level. However, at the moment this is the most negative scenario for the DOGE market. This scenario could happen when the price of BTC falls below $52,000. Although the local downward trend of BTC price is quite strong, this scenario is unlikely. Therefore, the DOGE market today is not ready for confident investments and needs a final strength test of buyers.

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