Dogecoin price analysis for November 8, 2022, shows the meme cryptocurrency following a declining movement for the last 48 hours. The price crashes from $0.1171 to $0.1086 on November 7, 2022. Dogecoin gained a negative movement today and significantly decreased its value. Today the cryptocurrency continues a bullish movement and is at $0.1020 at the time of writing.
Dogecoin has been down 13.27% in the last 24 hours with a trading volume of $1,868,730,865 and a live market cap of $13,500,632,675, and DOGE currently ranks at #8. However, the cryptocurrency shows potential for a reversal as the recent price analysis indicates the DOGE cost is moving toward the support.
DOGE/USD 4-hour price analysis: Recent developments
Dogecoin price analysis seems to show the market following a negative movement, with the market’s volatility entering an opening movement, consequently expanding the market. This makes the price of the cryptocurrency more prone to experience volatile change on either extreme. As a result, Bollinger’s band upper limit is present at $0.1355, representing the strongest resistance for DOGE. Conversely, the lower limit of Bollinger’s band is present at $0.1038, representing another resistance for the meme cryptocurrency.
The DOGE/USD appears to cross under the curve of the Moving Average, indicating a bearish movement. The price seems to move upwards towards the MA curve, attempting to break it. As the volatility happens to close, this could be in favor of the bulls, as a breakout would explode the volatility providing more room to the bulls for further activity.
DOGE/USD 4-hour price chart Source: TradingView
Dogecoin price analysis reveals the Relative Strength Index (RSI) to be 30, indicating an undervalued number for DOGE, falling under the lower neutral region. In addition, the RSI score appears to move linearly, indicating a constant market and equivalent selling and buying activities signifying depreciation in the market.
Dogecoin price analysis for 24 hours
Dogecoin price analysis shows the market to be following a constant movement, with its volatility increasing. In addition, the market appears to be undergoing an opening movement, indicating future volatility bursts. This makes the DOGE price more prone to undergo change on either extreme. The upper limit of Bollinger’s band exists at $0.1549, serving as the strongest resistance of DOGE. Conversely, the lower limit of Bollinger’s band is at $0.0382, representing the strongest support for DOGE.
Dogecoin appears to follow a bearish movement, with the DOGE/USD price crossing under the curve of the Moving Average. The downward movement indicates a declining market for the meme cryptocurrency. The price attempts to meet the support band soon. If they happen to meet, the market will break and reverse the market dynamic.
DOGE/USD 1-day price chart Source: TradingView
The Relative Strength Index (RSI) score is 54, signifying the stability of the meme cryptocurrency. Dogecoin falls in the stable region, following a declining movement. The decrease in the RSI score represents the dominance of the selling activities and the movement toward further declining dynamics.
Dogecoin Price Analysis Conclusion
Dogecoin price analysis reveals the cryptocurrency following a declining movement, showing potential towards the negative extreme. However, the market shows colossal potential for a reversal in the coming days due to the price moving toward the support. If the bulls manage to use it to their advantage, they might engulf the market and help raise the price of Dogecoin beyond expectations.
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