The value of the cryptocurrency market has increased by 3.32% in the last day. As a result, it is now worth $2.44 trillion. Furthermore, memecoins have recovered strength as the price of Bitcoin has retested the $73,000 mark.
Will the Dogecoin cryptocurrency token make a resurgence this November given the market’s continued bullish recovery? And, is this the final opportunity to get it before the price climbs to $0.2? We have discussed the short-term price analysis of the biggest meme coin in this article.
DOGE Chart Displays Ascending Channel Pattern
With an approximately 3% price increase over the last day and a $3.34 billion trading volume, the Dogecoin meme coin has returned to the $0.17 mark. In addition, it has increased 41.85% in the last 30 days and 24.25% in the last week. Notably, it still trades within the increasing channel pattern that it has developed.
In the 1D time frame, the SMA indicator consistently backs the DOGE memecoin price chart. This suggests that there is a lot of optimism surrounding the altcoin in the cryptocurrency industry.
In the trend chart, the Moving Average Convergence Divergence (MACD) has shown a consistent green histogram with averages indicating a notable upward trend. The price of Dogecoin might keep rising this week given the state of the market.
What Next For Dogecoin Price in November?
The price of the DOGE cryptocurrency may move approaching its resistance level of $0.18225 if the market keeps moving in the bulls’ favor. Additionally, it may challenge its significant resistance barrier of $0.20 if the bullish feeling continues above that level.
However, the price of Dogecoin may fall approaching its support level of $0.155 if a negative trend reversal takes place. Furthermore, this memecoin may continue to decline toward its lower support of $0.127 if the tide turns against the cryptocurrency market.
Conclusion
Dogecoin’s recent rally reflects the broader bullish sentiment in the cryptocurrency market, buoyed by Bitcoin’s proximity to its all-time high. With a 3% daily gain and strong volume, Dogecoin is benefiting from renewed interest in memecoins, showing a notable 41.85% increase over the past month.
The ascending channel pattern and MACD’s positive signals suggest that DOGE may test resistance levels around $0.18225 or even $0.20 if the market’s optimism holds. However, as with many altcoins, Dogecoin remains vulnerable to volatility; any shift in sentiment could see it revert to support levels as low as $0.127, highlighting both its potential and risk in the current market climate.
