. Daily Crypto Analysis - Bulls Challenge $0.0814 Amid Selling Pressure

Daily Crypto Analysis – Bulls Challenge $0.0814 Amid Selling Pressure

Daily Crypto Analysis – Bulls Challenge $0.0814 Amid Selling Pressure

20 Nov 2023

Introduction:

In the world of cryptocurrencies, Doge coin is at a crucial juncture with bulls anticipating a breakout amid selling pressure. As it approaches the significant barrier at $0.0814, the fate of DOGE hinges on a decisive weekly candlestick close. The broader crypto market sees Bitcoin Correcting in a Zig -Zag pattern, while XRP experiences a surge and Ethereum proximity to $2,000 keeps investors on edge.

Dogecoin:

Dogecoin bulls anticipate a breakout surge, while the price is under pressure from sellers.

As Dogecoin approaches the crucial barrier at $0.0814, selling pressure is evident. The fate of DOGE bulls hinges on whether there is a decisive weekly candlestick close above this significant hurdle.

Dogecoin (DOGE) has successfully broken out of its prolonged downtrend, marking a significant shift in the bearish trend that persisted for nearly a year. Although this breakout is pivotal, there is one more crucial hurdle that DOGE must overcome before a potential upward surge.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.074 | Positive Crossover | Bullish
  • MA 20: 0.073| Positive Crossover | Bullish
  • MA 50: 0.070| Positive Crossover | Bullish

Simple:

  • MA 5: 0.074 | Positive Crossover | Bullish
  • MA 20: 0.073| Positive Crossover | Bullish
  • MA 50: 0.070| Positive Crossover | Bullish

RSI (Relative Strength Index): 59.59| Buy Zone |Bullish

Stochastic Oscillator: 35.59| Sell Zone | Negative

Resistance And Support Levels:

  • R1: 0.075| R2: 0.083
  • S1: 0.070| S2: 0.063

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 0.077 | Take Profit: 0.083 | Stop Loss: 0.073.

Elsewhere In the Crypto Market

BTC/USD is undergoing a correction, manifesting as a Zig Zag pattern. Currently, the structure remains unfinished. Over the weekend, XRP witnessed a significant surge in value, driven by optimistic investor sentiment regarding the ongoing legal battle between the SEC and Ripple. As Ethereum (ETH) nears the crucial threshold of $2,000, investors are attentively observing whether it can maintain the current momentum or undergo a reversal.

Bitcoin down (0.26%) at 37,340.00, Ethereum up (1.33%) at 2,039.0, Litecoin up (0.42%) at 70.89, Solana up (0.36%) at 60.49, Doge coin up at (0.94%) at 0.81 as of writing time.

Key Economic Events & Data Release Today:

(CNY) PBoC Loan Prime Rate (Nov) Actual 3.45%, Forecast 3.34%, Previous 4.20% at 06:45.

(EUR) ECB’s Lane Speaks at 10:30.

(EUR) German PPI (MoM) (Oct) Actual –0.1%, Forecast –0.1%, Previous-0.2% at 12:30.