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Is Dogecoin (DOGE) in Buy-the-Dip Territory?

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Following a bloody October, which failed to meet expectations for another bullish month, the OG meme coin is looking for a rebound in November, and one popular analyst believes there’s a lot of room for growth if the asset maintains above a particular area.

However, there are some warning signs on the DOGE horizon, such as whales disposing of large quantities of the asset.

Ali Martinez has repeatedly outlined the significance of the $0.18 support. It doubled down earlier today, indicating that it could serve as a price propeller if DOGE remains above it and could actually be used as a “strong buy-the-dip zone.”

The analyst with over 161,000 followers on X predicted another price surge to $0.26 or even $0.33 if this support holds. It’s worth noting that DOGE exceeded the first target twice in September and October but hasn’t reached the second since January. Its latest rejection came during the October 10 bloodbath when it plunged from $0.23 to $0.15 within hours.

It has since maintained a value above $0.18, despite testing it on a couple of occasions. However, the resistance at $0.22 has capped its progress. What’s particularly worrisome about DOGE’s perspective is whales’ behavior.

These large market participants sold 440 million DOGE in just three days last week, intensifying the immediate selling pressure and potentially signaling market capitulation to smaller investors.

Dogecoin’s RSI, a metric showing the underlying asset’s overbought or oversold condition, doesn’t offer much insight into its next move. It’s currently at 46, which is essentially a neutral zone, without any significant indication of what’s to follow.

A poszt Is Dogecoin (DOGE) in Buy-the-Dip Territory? jelent meg először a CryptoPotato.

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