DOGE Price Prediction: Time To Buy The Dip As Dogecoin Drops 13% To $0.22

By Nancy Lubale
Published November 16, 2021 Updated November 16, 2021
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DOGE Price Prediction: Time To Buy The Dip As Dogecoin Drops 13% To $0.22

By Nancy Lubale
Published November 16, 2021 Updated November 16, 2021

DOGE price is down 13% following the crypto bloodbath that started early Tuesday morning that has seen the crypto market lose as more than $300 billion in market value.

Tuesdays crypto bloodbath continues as the cryptocurrency market wipes out as much as $300 billion in market value. DOGE price is down 13% so far to trade at the current price around $0.2243.

The crypto market crash was led by the big cryptos with Bitcoin plunging as much as 8% to lows below the $60,000 psychological level.

The altcoin market is also in deep red  according to data from CoinMarketCap. The altcoin space has collectively lost more than $100 billion in the last 24 hours. Ethereum is down 12% and is threatening to tank below $4,000 and its market cap has slid below the $500 billion mark. Polkadot (DOT) has dropped the most over 16% extending its weekly losses to more than 25%. One of the recent favorites and best performers Shina Inu (SSHIB) is also down by 10% having lost a spot among the top 10 cryptos.

coinmarket data
Cryptocurrency Prices by Market Cap. Source: CoinMarketCap

DOGE Price Dip Presents A Buying Opportunity For Investors

Analysist are generally bullish arguing that the current market-wide correction is a healthy that is giving investors an opportunity to get on in the dips.

At the moment, Dogecoin bears are aggressively defending the downtrend line as they focus on pushing the price below the horizontal support line at $0.2240.

DOGE/USD Daily Chart

Doge price

The 50-day Simple Moving Average (SMA) has been flipped to resistance and the RSI is near the oversold region at $37.43 suggesting that the bears are firmly in control of Dogecoin price.

DOGE price bullish breakout will be confirmed if the meme coin pushed past the 50-day SMA to close above the downtrend line at $0.26 embraced by the 100-day SMA. This will be the first sign that the selling pressure may be reducing. The DOGE/USD price could then rise to $0.28 and later to the 200-da SMA resistance at $0.2838.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Nancy Lubale
100 Articles
Nancy is a successful finance, crypto analyst and content writer with many years of writing experience finance and blockchain fields. Nancy has been producing quality content for websites in the cryptocurrency industry including Krptotrends, Forexcrunch, InsideBitcoins and Economywatch. She is a Certified Cryptocurrency Expert (CCE) from Blockchain Council. Her interests are in cryptoasset research and technical analysis, Fintech, Blockchain, DeFi, NFTs and Personal Finance. Follow her on Twitter @NancyOmanga for more insights

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