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Dogecoin could accommodate a 16% decline before the next rally
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ambcrypto.comDisclaimer: The findings of the following analysis are the sole opinions of the writer and should not be taken as investment advice
Dogecoin has had a woeful November so far. Wider market corrections have slowly eroded DOGE’s value by a total of 26% in the last 20 days. The candles now sit below their daily 20, 50, and 200 Simple Moving Average lines and face the brunt of short-selling.
Although a potential bullish crossover on the MACD could determine DOGE’s short-term price action, an overhead resistance zone presented a major roadblock. At the time of writing, DOGE was trading at $0.2327, up by 0.5% over the last 24 hours.
Source: DOGE/USD, TradingView
Considering the fact that DOGE traded below its 20 (red), 50 (yellow), and 200(green)
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