As developers prepare for major network upgrades, dogcoin price predictionsThe price of dog coins was rejected after the weekly closing price was below the top of the channel. It is expected that the decline will reach the bottom of the channel near $0
As developers prepare for major network upgrades, dogcoin price predictions
The price of dog coins was rejected after the weekly closing price was below the top of the channel. It is expected that the decline will reach the bottom of the channel near $0.058.
The price of Dogcoin (DOGE) hovered below the support/resistance level of $0.07 as the cryptocurrency market generally calmed down after two weeks of bullish action. The largest meme token has joined a bullish party sparked by speculation surrounding the potential green light of Bitcoin spot exchange traded funds (ETFs) in the United States.
As the largest cryptocurrency climbed to a high of around $35000 last week, the price of Dogcoin also rose. According to CoinGecko's market data, Dogcoin rose 7.3% in 30 days, 13% in two weeks, and 2.3% in 7 days.
However, during US business hours on Tuesday, the decline seemed obvious, with DOGE correcting 2% in one hour and 3.6% in 24 hours to $0.0671. The bearish trend is not unique to Dogcoin. Considering that Bitcoin prices have fallen by 0.9% to $34297, Ethereum has fallen by 1.2% to $1793, and BNB trading prices have fallen by 1.7% to $224.
The total market value has decreased by 0.8% to $1.31 trillion, indicating that the strong market structure began to weaken in October.
Dog Coin Price Abandons Double Bottom Breakthrough
The price of Dog Coin has tested a resistance level of 0.072 US dollars and almost confirmed the expected double bottom breakthrough to 0.1 US dollars, if there is no general upward pressure.
The loss of temporary support from the 200 day moving average (EMA) (purple) of the index may further weaken the technical structure, leading to a greater collapse.
As the relative strength index (RSI) deepens into the neutral region, the path with the least resistance tends to flip downwards. Therefore, DOGE is likely to sweep through lower support areas to collect liquidity and establish momentum for the next breakthrough of $0.1.
The 100 day moving average (blue) is $0.0649, which may help absorb selling pressure and reduce the likelihood of stronger selling. Other key support levels that need attention include a 50 day moving average of $0.0637 (red) and a double bottom support level of $0.058.
Renowned trader and analyst RektCapital's technical insights indicate that DOGE has been "denied entry to the top of the channel after closing below the top of the channel every week".
He added, "Whenever the closing price of DOGE reaches 1W, it will fall to the bottom of the channel," indicating that investors should adapt to the situation of losses expanding to $0.058 before the trend reverses again.
If the price of dog coins regains the top of the channel as a support level, the correction of $0.058 will be invalid. Otherwise, traders may have to wait for the bottom of the channel around $0.058 to establish a new long entry point.
Is the upgrade of Dogcoin protocol ready, will the price of DOGE increase?
According to the announcement shared by @ DogechainFamily on Twitter, the Dogcoin community is preparing for a major network upgrade scheduled for November 1st at 3am (estimated block height 18978410), which will last for approximately 2 hours (now X).
Scalability and stability are some of the main features of the "Est" protocol upgrade. The block height is 18978410 Network users have been informed that they may encounter some downtime when trading on the dog chain.
It is currently unclear whether this network upgrade will affect the price of dog coins. Either way, it indicates that developers in the ecosystem are working hard to improve protocols, confirming their commitment to the future of encryption projects.
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