Doge Price Prediction: Today’s Dogecoin Price, 12th Nov 2022

Dogecoin’s value increased in 2021 as the cryptocurrency markets recovered, gaining popularity on social media and spurring the creation of additional coins with Shiba Inu dog themes.

In order to provide a framework for governance and support for the development of the project’s community, the Dogecoin Foundation was established in 2014. Elon Musk unusually favours DOGE over other cryptocurrencies.

Furthermore, even in the context of cryptocurrency markets, the price of Dogecoin fluctuates wildly because social media communities are to blame for notable price peaks and subsequent crashes that garner mainstream media attention.

Doge Price Prediction:

The midterm elections in the US saw a sharp decline in the price of dogecoin. Investors are wondering what could happen next following a 40% decline. To determine DOGE’s potential next move, key levels have been established.

The most popular dog-themed coin in the world, Dogecoin, plunged 40% on November 8 during the Midterm Elections, shocking the cryptocurrency market once more. Despite the fact that the decline might seem to be the most severe liquidation seen this fall, DOGE still has the ability to turn things around.

The price of one dogecoin is currently $0.087. Both the 8-day exponential and 21-day simple moving averages have been breached by the bears. When compared to the previous 160% rally in October, the current price is only a 61.8% correction, according to a Fibonacci retracement tool. Also at the midline and breaching overbought conditions on longer time frames is the Relative Strength Index.

In light of these elements, it is still not justified to declare the DOGE bullrun of 2022 over. In the coming weeks, DOGE could rally toward $0.17 and possibly $0.20 if the technical analysis is accurate. A doji candle close to the current price levels may indicate a subtle accumulation within a downtrend and encourage bulls who have been sidelined to rejoin the market.

However, the thrust candle at $0.059 must stay untagged in order for the uptrend to remain healthy. A further downward move toward the June lows at $0.049 will have a good chance of happening if the level is broken. The price of Dogecoin would fall by 44% as a result of such a move.

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