DOGE/USD are traded at 0.2607 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bearish trend for Dogecoin. Prices broke through the area between the signal lines downward, which indicates pressure from the sellers of the asset and a potential continuation of the fall from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2495 area. Where can we expect a rebound again and continued growth in the Dogecoin rate with a potential target above the level of 0.3405.
Dogecoin Forecast and Analysis November 16, 2021
In favor of the growth of the DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the ”Triangle” pattern. Cancellation of the option to raise the coin will be a fall in the value of the asset and a breakdown of the 0.2205 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1605. With the breakdown of the resistance area and closing of quotations above the level of 0.3135, we should expect confirmation of the development of the bullish trend in Dogecoin and the beginning of the development of the ”Triangle” model.
Dogecoin Forecast and Analysis November 16, 2021 therefore imply an attempt to correct and test the support area near the 0.2495 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3405. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2205 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1605.
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