Dogecoin Price Analysis: Will Doge reach 0.1 USD in November?
23Dogecoin Price analysis for November 2022: As of October 21st 2022, Dogecoin’s value is at $0.05969. From its all-time high of around $0.74 in May 2021, it is a significant decline. The price has been declining throughout 2022, despite some brief recovery along the road.
In spite of the decline, dogecoin is still a hit. Years after its launch, in January 2021, the coin first crossed the $0.1 threshold. As of September 20, 2022, everyone who purchased at that time has still gained well over 480% on their original investment. Buyers who invested at the time and sold at the peak made upwards of 7,000%. Some might have made more money as the coin consistently sold for less than $0.01 for years before 2021.
As of October 21st, Dogecoin has a market cap of $7,929,328,496, making it the tenth-largest cryptocurrency. The strong 24-hour trade volumes indicate that there are still many individuals who buy and sell Dogecoin today.
Could DOGE increase once again in November and touch 0.1 USD? To learn more, read the DOGE price analysis.
What we are going to learn?
Doge Analysis: Daily Chart
As you can see from the chart, DOGE has tested the 200 EMA on multiple occasions but has failed to cross it. The 200 EMA is now acting as a strong resistance for DOGE. Everytime it touches the 200 EMA the price of DOGE seems to take a tumble.
We expect the price of DOGE to stay more or less the same in November 2022, unless Elon Musk the CEO of Tesla decides to tweet something crazy about DOGE and stir up the price.
The 200 EMA will play a major role in determining the price of DOGE in November 2022.
Doge Price Analysis: Weekly Chart
Doge weekly price chart 21 October 2022
After trading in a tight range for the past three weeks, Doge’s price dropped below the immediate support at $0.06. However, the long tail on the week’s candlestick suggests that bulls are buying on dips.
The bulls will make one more effort to push the price above the 200 week exponential moving average (EMA). If they manage to do that, it will be the first indication that the bears may be losing their grip. The Doge/USD pair could then rise above $0.06 and later to the 50 week simple moving average (SMA).
On the contrary side, if the price once again turns down the 200 week exponential moving average (EMA), it will suggest that bears are active at higher levels. The sellers will then try to sink the price below $0.04 and challenge the support at $0.03.
Doge for the rest of 2022
The volatility of May 2022 is a notable illustration of how unpredictable and turbulent crypto can be. Some people still believe that dogecoin and many other cryptocurrencies will succeed, nevertheless.
One of those upbeat forecasts comes from Roger Ver, a well-known proponent of cryptocurrencies. For his open support of several cryptocurrencies, notably dogecoin, Ver is well known. Earlier this year, he offered some insight into his view for dogecoin.
Along with litecoin and bitcoin cash, Ver listed dogecoin as one of the top three candidates for emerging as the dominant cryptocurrency. He made it clear that he prefers dogecoin because of its benefits in terms of dependability and transaction costs.
My Final Take Away
To answer the question of whether DOGE will reach the price of $0.1 USD in November, it is doubtful. The crypto market hasn’t had the best of momentum since the start of the year and changing that in a month seems not possible. Although many investors have made money from their dogecoin investments, the future of all cryptocurrencies, including dogecoin, is still up in the air. Despite the possibility of future gains, each investor should do a thorough analysis of crypto before making any investments.
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Since the information on this article – Doge Price Analysis, does not represent investment advice, financial advice, trading advice, or any other sort of advice, you shouldn’t take any of the article’s content as advise of any type. This page advises against buying, selling, or holding any cryptocurrencies. Consult a financial expert and conduct your own research before making any investment decisions.