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Dogecoin Price Analysis – Triple Bottom Breakout to Drive Selling below 0.2495

Posted Tuesday, November 16, 2021 by
Arslan Butt • 2 min read

The DOGE/USD closed at $0.256700, after setting a high of $0.265200, and a low of $0.3256000. DOGE/USD dropped on Monday and reversed its upward momentum, after the market turned around. In recent days, the price action for DOGE has been relatively range-bound, as the high-profile meme token, Shiba Inu, has been stealing Dogecoin’s thunder. However, investors were still holding onto their Dogecoin, in anticipation of the launch of the Doge-1 satellite.

According to a media report, Elon Musk’s company, SpaceX, has partnered up with two blockchain companies, for the launch of its Dogecoin-funded mission to the moon by early next year. This is the first time that the meme-based coin, Dogecoin, has funded a space mission.

Dogecoin Live Rate

DOGE/USD

Furthermore, the recent gains in Dogecoin were also supported by the potential acceptance of this meme-based currency as payment by AMC Entertainment Holdings. On Sunday, the blockchain payment company, BitPay, also said that its users could use its crypto debit card, which supports DOGE, to make purchases on Amazon.com Inc’s platform.

Meanwhile, over the weekend, Dogecoin co-founder, Billy Markus, said that DOGE’s low fees make it ideal for all sorts of transactions, which also added to the gains in DOGE/USD.

However, on Monday, the coin came under pressure, mainly because of the rising strength of the US dollar. The US Dollar Index, which measures the strength of the greenback against a basket of six major currencies, rose to the 95.60 level, adding massive strength to the dollar and dragging DOGE/USD prices to the downside, due to the negative correlation between the two currencies.

Dogecoin Price Analysis – A Quick Technical Outlook

Due to a sharp selling bias, Dogecoin (DOGE) fell from $0.2650. The price returned to the 20-day EMA ($0.26), and even broke below this level to reach the 0.2493 level.

Daily Technical Levels
Support                 Resistance
0.253400              0.262600
0.250100              0.268500
0.244200              0.271800
Pivot Point:           0.259300

If the price rises over the 0.26 level, the bulls will try to push the DOGE/USD pair back to $0.2700. However, the bearish bias is dominant now, and it may lead the DOGE/USD towards the next support level of 0.2330 and even lower. Therefore, we have opened a sell trade in Dogecoin, to target the 0.245 level. Good luck!

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