The decline that started in the early morning hours of Tuesday, November 16 in the crypto market continues even though it is noon. The market, which has occasional upward corrections, is trying to break the downward pressure. In some assets, the increase in buying opportunity attracts investors.
The Dogecoin community also wants to buy assets from the bottom after the 13% drop.
The crypto market is on the verge of a major correction. Losses in currencies that experienced sharp pullbacks reached up to 20 percent. Total market value, on the other hand, saw a loss of 300 billion dollars. Based on the peak it saw yesterday, Bitcoin has lost more than 10%.
DOGE, known as the ancestor of meme coins, was one of the assets that suffered significant losses in this decline. When we take into account last night, Dogecoin's decline was up to 16 percent. Finally, it decreased to 0.2230 cents in the 12.15 candle, which coincided with noon. Investors who bought here made DOGE to return for the moment.
Dogecoin price review
Significant dips create buying opportunities for the Dogecoin community. With the general correction in the market, DOGE is trying to protect the support line. Behaving aggressively on the downtrend line, Dogecoin does not want to give up this zone.
The 50-day simple moving average (SMA) on DOGE has turned into resistance. On the 100-day SMA side, it will be important to close above the $0.26 bearish line. The closing it will make in this region will be a confirmation for the price increase.
Dogecoin, which shows signs of reversal after the 0.2243 cent level on the chart, can rise to around $0.28, which is the 200 SMA resistance. Do not forget that with the increase of sales pressure, it may decrease again.
