. Daily Crypto Analysis - DOGE Price Analysis, Breaking Through Barriers

Daily Crypto Analysis – DOGE Price Analysis, Breaking Through Barriers

Daily Crypto Analysis – DOGE Price Analysis, Breaking Through Barriers

08 Nov 2023

Introduction:

In the cryptocurrency market, In the world of Doge coin, recent developments have seen $3 million in shorts liquidated as DOGE grapples with a crucial supply barrier. Doge coin’s price has shown a steady ascent, with nearly 30% growth since the bull market began on October 18. However, the $0.078 resistance remains a formidable obstacle, leading to its second rejection in two weeks. With the potential for a drop below the pivotal $0.067 support level, Doge coin faces a turning point amid fading momentum. Meanwhile, Bitcoin maintains its ascent above $35,000, defying a miner-led sell-off, and Ripple’s XRP, although overbought, clings to its $0.66 support level.

Doge Coin:

Dogecoin $3 million shorts liquidated as DOGE suffers rejection from crucial supply barrier.

The price of Dogecoin has been on a consistent upward trajectory, with nearly a 30% increase since the beginning of the bull market on October 18. However, even though there is potential for further gains, the $0.078 mark appears to be a formidable barrier for DOGE, resulting in its second rejection in almost two weeks.

It is possible that the primary meme coin might dip below the crucial $0.067 support level, risking the loss of a significant turning point as its momentum weakens.

The price of Dogecoin (DOGE) has shown a noteworthy upward surge since mid-October, mirroring the positive trend in the overall cryptocurrency market.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.682 | Positive Crossover | Bullish
  • MA 20: 0.065| Positive Crossover | Bullish
  • MA 50: 0.063| Positive Crossover | Bullish

Simple:

  • MA 5: 0.068 | Positive Crossover | Bullish
  • MA 20: 0.065| Positive Crossover | Bullish
  • MA 50: 0.064| Positive Crossover | Bullish

RSI (Relative Strength Index): 65.03| Buy Zone |Bullish

Stochastic Oscillator: 74.43| Buy Zone | Neutral

Resistance And Support Levels:

  • R1: 0.069| R2: 0.076
  • S1: 0.064| S2: 0.060

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 0.072 | Take Profit: 0.076 | Stop Loss: 0.068.

Elsewhere In the Crypto Market

Bitcoin’s price is on an upward trajectory, and it has managed to maintain its position above the $35,000 mark, even in the face of a significant sell-off by miners. Despite XRP being in an overbought state, Ripple’s price is managing to stay above the $0.66 support level.

Bitcoin down (0.16%) at 35360.00, Ethereum down (0.16%) at 1,883.2, Litecoin down (0.07%) at 73.45, Solana up (5.15%) at 43.22, Doge coin up at (1.54%) at 0.74 as of writing time.

Key Economic Events & Data Release Today:

(AUD) Building Approvals (MoM) Actual –4.6%, Forecast –4.6%, Previous 7.2% at 06:00.

(EUR) German CPI (MoM) (Oct) Actual 0.0%, Forecast 0.0%, Previous 0.3% at 12:30.

(GBP) BoE Gov Bailey Speaks at 15:00

(EUR) Retail Sales (MoM) (Sep) Forecast –0.2%, Previous –1.2% at 15:30.

(USD) Fed Chair Powell Speaks at 19:45.