- \n
- Dogecoin fell by 40% during the US midterm elections.<\/strong><\/li>\n
- Despite the selloff, the Relative Strength Index stands within the grounds of a healthy uptrend.<\/strong><\/li>\n
- All uptrend potential depends on $0.05 holding as support.\u00a0\u00a0<\/strong><\/li>\n<\/ul>\n
Dogecoin price fell aggressively during the US midterm elections. After a 40% decline, investors are questioning what could happen next. Key levels have been defined to determine DOGE\u2019s next potential move.\u00a0<\/p>\n
Dogecoin price plummets<\/strong><\/h2>\n
Dogecoin price stunned the Crypto market once again as the world\u2019s favorite dog-themed coin nosedived<\/a> 40% on November 8 during the Midterm Elections. Although the decline may appear to be the most severe liquidation witnessed this fall, DOGE still has the potential to pull a 180.\u00a0<\/p>\n
Dogecoin price currently auctions at $0.087. The bears have successfully breached both the 8-day exponential and 21-day simple moving averages. A Fibonacci retracement tool surrounding the previous 160% rally in October shows the current price as just a 61.8% correction. The Relative Strength Index is also<\/a> at the midline, breaching overbought conditions on higher time frames.<\/p>\n
![\"tm\/doge\/11\/8\/22\"](\"https:\/\/editorial.fxstreet.com\/miscelaneous\/DOGEUSDT_2022-11-08_16-44-05-638035451753421921.png\")
<\/a><\/p>\nDOGEUSDT 1-Day Chart<\/small><\/strong><\/p>\n
Considering these factors, calling an end to the DOGE bullrun of 2022 has yet to be justifiable. If the technicals are correct, DOGE could rally towards $0.17 and potentially $0.20 in the coming weeks. A doji candle near current price levels could signal a subtle accumulation within a downtrend<\/a> and promote sidelined bulls back into the market.<\/p>\n
Still, the health of the uptrend depends on the thrust candle at $0.059 remaining untagged. If the level is breached, an additional downtrend move targeting the June lows could occur at $0.049 will stand a fair chance of occurring. Such a move would result in a 44% dip from the current Dogecoin price.<\/p>\n
In the following video, our analysts deep dive into the price action of DOGE, analyzing key levels of interest in the market. -FXStreet Team<\/strong><\/p>\n
\n - Despite the selloff, the Relative Strength Index stands within the grounds of a healthy uptrend.<\/strong><\/li>\n