Did you miss the DOGE pump? Now might be the time to short, according to this market analyst.
DOGE's price dropped to as low as $0.115 on Nov. 4, in part due to
of Twitter pausing its crypto wallet development project. That brought the token's net percentage correction from the Nov. 1 local top to nearly 27%.with the highest relative strength index since April 2021.The correction has prompted Dogecoin price to retest its December 2021-May 2022 support for a potential pullback. The coin may reach $0.185, a level coinciding with its 0.236 Fib line, if the recovery occurs.
Conversely, a break below the $0.108-$0.124 range could have DOGE drop to $0.055 as its primary downside target, down 55% from current price levels.Furthermore, Dogecoin's on-chain data reveals a consistent drop in key metrics entering November, which could add more sell-pressure.For instance, DOGE's Twitter-led price rally coincided with a sharp rise in whale transaction count , suggesting that they supported the upside move. But after Nov.
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.
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