Dogecoin has created a significant opportunity for new traders to join the train and as well make a good profit from their trading. This can be observed as price action in the DOGE/USD market has retracted lower but stays well positioned for a more upside move.
DOGE’s Forecast Statistics Data:
Dogecoin price: is $0.1284
DOGE’s market capitalization: $17.70 billion
Dogecoin circulating supply: 132.67 billion
Dogecoin overall supply: 132.67 billion
DOGE Coinmarketcap ranking: #8
Major Levels:
Ceiling Level: $0.1284, $0.1300, $0.1320
Floor Levels: $0.1264, $0.1250, $0.1230
Dogecoin Price Prediction Today, November 4, 2022: DOGE/USD Starts an Upward Correction
Looking at the DOGE/USD price action via a daily chart one can see that the latest price candle here is bullish. Consequently, this reveals the activities of the buyer. More interestingly, one can observe that this price candle appeared once the Fibonacci level of 38.20 was tested. This implies that buying activities seem to have resumed as traders have anticipated a price dip to this level as a potential buying point. Additionally, price action remains above the Smooth Moving Average line, and the RSI as well remains in the overbought. Therefore, traders can keep going long as price action seems to be taking off towards $0.1400.
Dogecoin Price Prediction Today, November 4, 2022: DOGE/USD Price Movement Stays Favored
Studying price action on the DOGE/USD 4-hour chart reveals that price movements are still in favor of climbing higher. Although this market is very active at this point, and a bearish candle have just plunged prices by nearly 40 points, price movements are still at the reach of climbing upwards. The last candlestick here stays in contact with the SMA at the same time the Stochastic RSI seems running out of water to swim in the oversold area. Even the curves of the RSI are now very close to each other such that a bullish crossover is just inches away. Consequently, once an upward crossover is given, Dogecoin’s price may rise significantly
