Dogecoin (DOGE) Price at Risk of Correction Amid Rising Selling Pressure
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Dogecoin (DOGE) price hit its highest level since 2021 on November 23 but has since entered a correction, dropping 12% in the last 24 hours. The Ichimoku Cloud, DMI, and EMA indicators all point to growing bearish momentum, with DOGE trading below critical levels and showing signs of
weakening upward pressure.
If the downtrend continues, DOGE could test support at $0.34, with a potential drop to $0.14 if selling pressure intensifies. However, a recovery could see DOGE challenge resistances at $0.43 and $0.48, potentially aiming for $0.50, a key milestone not reached since March 2021.
DOGE Price Prediction: Can DOGE Reach $0.50 In November?
Dogecoin EMA lines suggest a shift in market sentiment from bullish to bearish, with the current price trading below the short-term EMA lines.
Additionally, these short-term lines are trending downward, indicating growing selling pressure and a weakening upward momentum. This bearish development suggests that DOGE price is losing its previous bullish support, potentially paving the way for further price declines.
• Dogecoin (DOGE) corrected 12% after reaching its highest level since 2021, with bearish indicators gaining traction.
• Ichimoku Cloud and DMI suggest DOGE’s downtrend may deepen, with key support at $0.34 and a risk of $0.14.
• Resistance at $0.43 and $0.48 must be reclaimed for DOGE to aim for $0.50, a key milestone not reached since 2021.
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