Dogecoin (DOGE) Price Analysis: Poised for a 44% Rally as Bitcoin (BTC) Approaches $69k Resistance Zone

Dogecoin [DOGE], at press time, was beginning to bounce from the $0.1225 support level after facing losses this week. This, after Bitcoin's [BTC] volatility

Dogecoin [DOGE] price dropped below the crucial support level at $0.1225 on 14 November as Bitcoin’s [BTC] volatility took a toll on the memecoin’s price direction. However, at press time, DOGE was beginning to bounce from this support level.

This followed a recent report that highlighted a potential 44% rally for DOGE after a breakout past a wedge pattern. While this prediction may seem ambitious as BTC approached the $69k resistance zone, anything was possible, especially considering DOGE’s past rallies.

Momentum and price action favored DOGE bulls

Sursa: DOGE/USDT pe TradingView

The technical indicators were strongly bullish. The Awesome Oscillator was above neutral zero, showing that bullish momentum was dominant. Its red bars over the past two days reflected the pullback from $0.14.

The Chaikin Money Flow was at +0.12, signaling a strong capital inflow into the Dogecoin markets. This was a sign of sustained buying pressure and indicated that prices could continue to trend higher.

The bullish market structure break, highlighted in the chart above, showed that swing traders could be bullishly biased. The next resistances to watch out for were the $0.145 and $0.165 levels.

Funding rate back in positive territory

Sursa: Coinalyze

The recent price drop from $0.145 saw the funding rate enter negative territory, showing that short positions were paying funding to the longs, a sign of increasing short positions. The Open Interest also fell over the past three days.

Is your portfolio green? Check the Dogecoin Profit Calculator

However, at press time, this had begun to change. The OI was climbing once more, as was the funding rate. The sentiment seemed to slowly turn bullish too, but the spot CVD was uninspiring. It was unable to jump higher with the price bounce, signaling a lack of buying volume.

The above is the detailed content of Dogecoin (DOGE) Price Analysis: Poised for a 44% Rally as Bitcoin (BTC) Approaches $69k Resistance Zone. For more information, please follow other related articles on the PHP Chinese website!