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Dogecoin

<p>Dogecoin’s (DOGE) price showed high volatility throughout November, influenced by the latest news in the cryptocurrency <a href="https://newslinker.co/category/finance/" data-wpel-link="exclude" rel="noopener noreferrer nofollow">market</a> regarding a spot <a href="http://en.coin-turk.com/bitcoin-struggles-to-reclaim-26000-amid-market-uncertainty/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> ETF and legal issues impacting <a href="http://en.coin-turk.com/ftx-trial-revelations-of-the-background-of-the-ftx-crash/" data-wpel-link="internal" rel="noopener noreferrer nofollow">Binance</a>. Despite noticeable sharp price movements on the daily time-frame chart, these fluctuations didn’t establish a definitive trend, indicating that control wasn’t firmly in the hands of bulls or bears. Amidst this consolidation, Dogecoin is following a triangular formation and a newly formed ascending support trend line, potentially affecting its short-term trend.</p>
<h2 id="dogecoin-price-analysis">Dogecoin Price Analysis</h2>
<p>The prominent memecoin Dogecoin has once again captured investors’ attention due to its involvement in a space program. Recent developments surrounding the coin include the deployment of the DOGE-1 Cubesat, part of SpaceX’s Nova-C/IM-1 satellite launch, which has been delayed for about two years. These updates show that the DOGE-1 lunar mission has received regulatory approval to commence on January 12, 2024.</p>
<p><img decoding="async" class="aligncenter size-full wp-image-282407" src="https://coin-turk.com/wp-content/uploads/2023/11/Dogecoin-DOGE-Altcoin.png" alt="" width="1946" height="1105"></p>
<p>Currently, DOGE’s price is trading at $0.08, gradually rising under the influence of a new support trend line. Despite increased uncertainty in November, the memecoin’s price has found support from this rising trend line multiple times, aiding buyers in maintaining a consistent rally.</p>
<p>As a result, the price is expected to increase by approximately 5% before encountering resistance at around $0.084 on the upper trend line of the long-standing triangular formation. Historical data suggest that retesting this trend line often increases downward momentum and leads to significant corrections, so investors need to be cautious at this point.</p>
<p>Therefore, a confirmed break below the aforementioned support trend line could increase selling pressure, leading to a potential 28% loss from the current price, causing Dogecoin to fall to a lower trend line.</p>
<h2 id="is-doge-ready-for-an-uptrend">Is DOGE Ready for an Uptrend?</h2>
<p>DOGE’s price has been affected by a symmetrical triangle formation for about two years, moving in a sideways trend. If the coin’s price turns from the upper trend line as mentioned, it can be expected to continue moving sideways over the next month. Hence, for a more definitive recovery confirmation, buyers need to see the price break above the triangular formation.</p>
<p>The Relative Strength Index (RSI) slope on the daily time frame indicates that the bullish momentum in the altcoin is waning, and there’s a high possibility of price decline. Similarly, the relatively flat upper boundary of the Bollinger Bands (BB) indicator at $0.084 could serve as an additional barrier against buyers.</p>
<ul class="summary">
 <li>Dogecoin’s price shows continuous volatility.</li>
 <li>Triangle formation could influence the short-term trend.</li>
 <li>Breaks in support trend line may signal downturns.</li>
</ul> Continue Reading: <a href="https://en.coin-turk.com/understanding-dogecoins-volatile-ride-analysis-and-key-levels-to-watch/" data-wpel-link="internal" rel="noopener noreferrer nofollow">https://en.coin-turk.com/understanding-dogecoins-volatile-ride-analysis-and-key-levels-to-watch/</a>

Understanding Dogecoin’s Volatile Ride: Analysis and Key Levels to Watch

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