. Daily Crypto Analysis - Analyzing 5% dip, anticipating 10% recovery.

Daily Crypto Analysis – Analyzing 5% dip, anticipating 10% recovery.

Daily Crypto Analysis – Analyzing 5% dip, anticipating 10% recovery.

14 Nov 2023

Introduction:

In the cryptocurrency market, Dogecoin exhibits signs of potential recovery after a recent downturn. Despite a 5% decline, there is optimism for a 10% rebound, fuelled by positive on-chain metrics and growing buyer momentum. However, a break below the $0.06756 support level would negate the bullish outlook. In other crypto market developments, XRP faces volatility due to substantial transfers and baseless ETF rumors, while Bitcoin undergoes a correction, wiping out its weekend gains to reach $36,400 on Tuesday.

Dogecoin:

Dogecoin shows potential for recovery despite a recent dip.

The Dogecoin price has experienced a 5% decline following a rejection from $0.07862, situated at the midpoint of a resistance range spanning from $0.07677 to $0.08039. There is potential for DOGE to recover 10% of its lost ground, driven by positive on-chain metrics and an increasing buyer momentum. The bullish scenario would be invalidated if the altcoin breaks and closes below the $0.06756 support level.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.069 | Negative Crossover | Bearish
  • MA 20: 0.069| Negative Crossover | Bearish
  • MA 50: 0.067| Positive Crossover | Bullish

Simple:

  • MA 5: 0.069 | Negative Crossover | Bearish
  • MA 20: 0.070| Negative Crossover | Bearish
  • MA 50: 0.66| Positive Crossover | Bullish

RSI (Relative Strength Index): 46.24| Buy Zone |Bullish

Stochastic Oscillator: 8.83| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.071| R2: 0.076
  • S1: 0.066| S2: 0.058

Overall Sentiment: Bearish | Market Direction: Sell

Trade Suggestion: Stop Sell: 0.064 | Take Profit: 0.058 | Stop Loss: 0.068.

Elsewhere In the Crypto Market

XRP experiences fluctuations in value due to substantial transfers and unfounded rumors regarding an ETF. The price of Bitcoin erased its gains from the weekend, undergoing a correction to reach the $36,400 level early on Tuesday.

Bitcoin down (0.57%) at 36271.00, Ethereum down (0.91%) at 2,035.2, Litecoin down (0.42%) at 70.93, Solana down (7.84%) at 52.54, Doge coin down at (1.58%) at 0.73 as of writing time.

Key Economic Events & Data Release Today:

(EUR) GDP (YoY) (Q3) Forecast 0.1%, Previous 0.5% at 15:30

(USD) CPI (MoM) (Oct) Forecast 0.1%, Previous 0.4% at 19:00

(USD) CPI (YoY) (Oct) Forecast 3.3%, Previous 0.3% at 19:00

(USD) Core CPI (MoM) (Oct) Forecast 0.3%, Previous 0.3% at 19:00