The price of Dogecoin (DOGE) reached $0.078 on November 9th, but the fluctuations in BTC price also had a negative impact on it. Although Bitcoin has now reclaimed $37,000, it is uncertain whether it can sustain it. So what’s next for Dogecoin investors? What do the latest price predictions suggest in the short term?
The DOGE price has remained below the decreasing trend resistance line since its all-time high (ATH) level. This resistance, which caused the price to drop to $0.049 in June 2022, would have pushed the price back to a similar region recently if the overall market hadn’t recovered. Later, the DOGE price rebounded but failed to break out of the resistance, leading to new selling pressure.
However, after 900 days, in November, the DOGE price successfully broke out of the trend line. If there is no surprise and rapid series of losses in BTC, investors may see that the DOGE price has entered a new uptrend.
Moreover, the application for ETH ETF backed by BlackRock will bring a new revival to altcoins. The altcoin bulls rallied under the leadership of Ether, and now the ETH price seems to be struggling.
Analyst known as Xnaeemmr highlights the cup and handle formation, which is seen before rapid price increases. Another popular analyst, CryptoKaleo, says we are on the verge of a parabolic rally. He has recently become more interested in DOGE and if Kaleo’s instincts don’t fail him, he can predict the big movements as he did in the past.
Readings on the weekly chart suggest that the uptrend may continue, but the possibility of a pullback on the daily chart raises doubts. The daily RSI is negative as it accompanies a decrease in price momentum. Such divergences can lead to downward movements.
If we see a decline, the possible target would be $0.067, but closing above $0.078 would indicate that new highs are on the horizon. Then, the psychological resistance level of $0.1 could be reclaimed.