DOGE Price Analysis for November 13
The price of Dogecoin (DOGE) has dropped by 2.08% to $0.1758, facing bearish pressure. While there was a false breakout at $0.1770, an upward move towards $0.18 is possible if the daily bar closes near or above the resistance. On the longer timeframe, breaking the $0.1883 level could lead to testing the $0.20 zone. For now, DOGE is expected to trade sideways for the rest of the month.
Market Overview
The market remains under bears' pressure, according to CoinStats. DOGE/USD has dropped by 2.08% since yesterday, indicating a bearish trend in the short term.
Short-Term Analysis
On the hourly chart, the price of DOGE made a false breakout of the local resistance at $0.1770. However, if the daily bar closes near $0.1770 or above, an upward move is likely to continue toward the $0.18 area.
Long-Term Perspective
On the longer time frame, the situation appears less positive for bulls. Currently, the rate of DOGE is far from the closest resistance level at $0.1883. However, if there is a breakout above this level, the accumulated energy might push the price to test the $0.20 zone.
Mid-Term Outlook
From a midterm perspective, neither bulls nor bears are dominating. As the price of the meme coin remains far from key levels, ongoing sideways trading is the most probable scenario for the rest of the month.