Dogecoin (DOGE) Price Analysis 11/07: is it safe to trade now?

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Dogecoin (DOGE) Price Analysis 11/07: is it safe to trade now?

Last updated on November 19th, 2023 at 11:08 am

Today November 7, we will focus our price analysis on Dogecoin (DOGE). Widely regarded as the most popular memecoin in the crypto market, DOGE has grown in value over the years even though it is a token with no real-life use case.

The price of the memecoin is mostly fueled by hype and investor sentiment. Regardless of this,  Dogecoin has emerged as a favorite to new and seasoned traders alike.

The general crypto market is currently experiencing a bull run with the global crypto market cap standing at 1.34 trillion, representing a 0.99% increase over the last 24 hours.

Even though Dogecoin joins in this race, it may seem that the bears (sellers) are getting back into the market as the price has slightly dropped in the last 24 hours.


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Dogecoin (DOGE) price analysis

According to live data, the value of Dogecoin has dropped by 1.53% in the last 24 hours. However, DOGE still maintains an impressive 8.38% increase over the last 7 days.

Dogecoin (DOGE) price analysis

Source: TradingView

Looking at the hourly chart, the price of Dogecoin has passed the breakout of the local support level of $0.07278. Consequently, if the day closes with the price above that level, the upward trend may likely continue, reaching the $0.075 zone by tomorrow.

dogecoin hourly chart

Source: TradingView

On the other hand, looking at the daily chart, buyers (bulls) failed to maintain the upward movement after the bullish candle closure from yesterday. That being said, if the bulls cannot take advantage of today’s opportunity, then the correction may continue, and the price drops to the $0.07 level very soon.

dogecoin daily chart price analysis

Source: TradingView

Looking from the midterm point, it will be premature to make any predictions as it is still a few days before the bar closes. It is important to note, however, that if the bar closes far from the resistance level, the bears will have the chance to take over for the coming weeks.

Dogecoin (DOGE) price today

According to live data from Coinstats, Dogecoin is currently changing hands at $0.073. This signifies a 1.53% decline over the last day. What’s more, DOGE has a 24-hour trading volume of $681,093,304.655 ($681 million) and occupies the #9 position on the global crypto market chart with a live market cap of $10,464,586,379.214 ($10.4 billion).

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Victor Nnamdi Igbor "Swaezy" is a crypto enthusiast and writer with over 8 experience in blogging. He is an easy person and when not working, loves to have a good time.