Dogecoin

Strong

Resistance

when

<p>In the past week, Dogecoin (DOGE) has shown strong buying pressure rising to 27%. However, when looking at the 1-day chart, we see possible resistance suggesting that the rally might cause a short-term reversal</p> 
<h2 class="wp-block-heading" id="h-doge-daily-chart-analysis-resistance-and-support-levels"><strong>DOGE Daily Chart Analysis: Resistance and Support Levels</strong></h2> 
<p>As for the 1-day chart, the price of Dogecoin is now at <a href="https://www.thecoinrepublic.com/price-prediction/dogecoin/">$0.19216</a>. That is 2.19% below the daily high of $0.20435.</p> 
<p>Despite the upward trend indicated on the weekly chart, the daily chart shows that DOGE could be bearish had the price retreated backing off from the upper Bollinger band at $0.19082.</p> 
<p>This implies that the continued bullish run could be weakening, with traders possibly taking profits at this price level.</p> 
<p>The Simple Moving Average 20 (SMA) is at $0.15595. This is a good support level that can work to stop DOGE if the pullback continues</p> 
<p>Any <a href="https://www.thecoinrepublic.com/2024/11/04/dogecoin-holds-above-0-14-support-will-it-reach-0-16-next/">pullback</a> in this SMA would not be viewed as a bearish signal but as a likely correction of an ongoing bullish trend. However, for the short-term bullish outlook to remain intact, DOGE has to sustain above this 20-day SMA.</p> 
<h2 class="wp-block-heading" id="h-bollinger-bands-show-heightened-volatility-and-potential-resistance"><strong>Bollinger Bands Show Heightened Volatility and Potential Resistance</strong></h2> 
<p>Looking at the Bollinger Bands on the daily chart, one can notice DOGE has been experiencing high volatility recently. DOGE rose above the upper Bollinger Band at $0.19082 to indicate higher buying pressure.</p> 
<p>However, the fast pullback from this level indicates that DOGE is likely to face a challenge in sustaining the bull run. That’s because the price crossed the upper Bollinger Band. This is typically followed by a peak in the near-term buying pressure.</p> 
<h2 class="wp-block-heading" id="h-rsi-indicates-overbought-conditions-signaling-possible-correction"><strong>RSI Indicates Overbought Conditions, Signaling Possible Correction</strong></h2> 
<p>The Relative Strength Index (RSI) on the daily chart currently stands at 71.83. This past the overbought zone at 70.</p> 
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  <img loading="lazy" decoding="async" width="1024" height="599" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-1024x599.png" alt="" class="wp-image-816197" style="width: 100%;height:auto" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-1024x599.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-300x176.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-768x450.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-150x88.png 150w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-696x407.png 696w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152-1068x625.png 1068w, https://www.thecoinrepublic.com/wp-content/uploads/2024/11/image-152.png 1341w" sizes="(max-width: 1024px) 100vw, 1024px">
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   1-day DOGE trading chart | Source: Tradingview
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<p>An RSI above 70 usually indicates overbought levels thus a short-term bear reversal in price could occur as traders take profit. If the RSI falls below 70, this would further confirm a dip in bullish pressure and could indicate a retracement phase.</p> 
<p>For long-term bullish momentum, the RSI should consolidate around 60-70 levels rather than staying in the overbought territory.</p> 
<h2 class="wp-block-heading" id="h-what-experts-are-saying-about-doge"><strong>What Experts Are Saying About DOGE</strong></h2> 
<p>Dogecoin has recently attracted a lot of attention, and market analysts have different opinions According to analyst Ali, with a break through its key resistance levels Dogecoin may hit a new high and even soar higher.</p> 
<figure class="wp-block-embed aligncenter is-type-rich is-provider-twitter wp-block-embed-twitter">
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  <blockquote class="twitter-tweet" data-width="550" data-dnt="true">
   <p lang="en" dir="ltr">With <a href="https://twitter.com/elonmusk?ref_src=twsrc%5Etfw">@elonmusk</a> now influencing the 47th President, <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>, <a href="https://twitter.com/hashtag/Dogecoin?src=hash&amp;ref_src=twsrc%5Etfw">#Dogecoin</a> could be primed for a wild ride!<br><br>In past bull cycles, once <a href="https://twitter.com/search?q=%24DOGE&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$DOGE</a> broke the 0.50 Fib retracement, it often rallied to the 1.618 or even 2.272 Fib levels. If history repeats, we could see <a href="https://twitter.com/hashtag/DOGE?src=hash&amp;ref_src=twsrc%5Etfw">#DOGE</a> hit… <a href="https://t.co/VEWXZ0NYOd">pic.twitter.com/VEWXZ0NYOd</a></p>— Ali (@ali_charts) <a href="https://twitter.com/ali_charts/status/1854116010812457358?ref_src=twsrc%5Etfw">November 6, 2024</a>
  </blockquote>
  <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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<p>He goes on to do a long-term price prediction suggesting that in case Dogecoin follows major patterns of the previous bull cycle after crossing the 0.50 Fibonacci retracement level, then its long-term price can range from $4 to $23. He also stated that the current high-profile endorsement may have contributed to the price of Dogecoin.</p> 
<p>However, other analysts are beginning to sound their alarms. They warn investors who may be overloading their investment portfolios with Dogecoin, which could pose great risks in case of a price reversal.</p> 
<p>Given the volatile nature of the cryptocurrency market, these analysts caution that Dogecoin’s recent gains could be short-lived, especially if profit-taking increases around the current resistance levels.</p> 
<p>The post <a href="https://www.thecoinrepublic.com/2024/11/07/dogecoin-doge-faces-resistance-after-strong-weekly-rally-what-next/">Dogecoin (DOGE) Faces Resistance After Strong Weekly Rally: What Next?</a> appeared first on <a href="https://www.thecoinrepublic.com">The Coin Republic</a>.</p>

Dogecoin (DOGE) Faces Resistance After Strong Weekly Rally: What Next?

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