DOGE/USD are trading at 0.1160 and continue to move as part of the correction and the beginning of the development of the “Head and Shoulders” pattern. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are again testing the area, which indicates pressure from buyers of the asset and a potential continuation of growth already from current levels. At the moment, we should expect an attempt to develop an increase in the value of a digital asset and a test of the resistance level near the 0.1195 area. Where should we expect a rebound down again and a continuation of the fall of the Dogecoin rate with a potential target below the level of 0.0705.
Dogecoin Forecast November 9, 2022
A strong signal in favor of the decline in DOGE/USD quotes will be a rebound from the descending trend line on the relative strength index (RSI). The second signal will be a rebound from the lower boundary of the “Head and Shoulders” reversal pattern. Cancellation of the option to reduce the coin will be a strong increase in the value of the asset and a breakdown of the area of 0.1605. This will indicate a breakdown of the resistance area and continued growth of the cryptocurrency rate with a potential target above the level of 0.2165. With the breakdown of the support area and the closing of quotes below the level of 0.0945, we should expect confirmation of the development of a bearish impulse for Dogecoin, which will indicate a breakdown of the lower border of the bullish channel.
Dogecoin Forecast November 9, 2022 suggests an attempt to correct and test the resistance area near the level of 0.1195. Where should we expect a rebound and a continuation of the fall of the DOGE/USD coin to the area below the level of 0.0705. An additional signal in favor of the Dogecoin decline will be a test of the trend line on the relative strength index (RSI). Cancellation of the fall option will be a strong growth and a breakdown of the 0.1605 area. This will indicate a continued rise in the cryptocurrency with a target above the level of 0.2165.
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