11/9/2022 | AMB Crypto

Dogecoin enters a zone of support; is it the right time to go long

Dogecoin enters a zone of support; is it the right time to go long

Disclaimer: The findings of the following analysis are the sole opinions of the writer and should not be considered investment advice

Dogecoin saw huge volatility on 8 November, alongside the rest of the market

Technical findings showed a strong bearish bias, although a bounce could occur

When news of a major exchange being insolvent breaks, it is only likely that the entire market sees panic. News of a “strategic transaction” between FTX and Binance might apply bandages on investor confidence, but the selling pressure might continue in the days to come. Dogecoin already had a bearish outlook on lower timeframes.

Dogecoin has posted losses of nearly 43% from its local top on 1 November. More pain was likely to follow, although the intervention of a zone of support meant a bounce in prices could occur.