Dogecoin price analysis: Dogecoin bears gaining momentum for another downtrend

Today Dogecoin price analysis shows an upward trend for the day as the chances of a bullish recovery are increasing once again. Although the price dropped to a crucial level the previous day, today's market trend is turning in favor of the bulls.

Timeline of Dogecoin

A popular cryptocurrency analyst said that Litecoin's (CRYPTO: LTC) recent price surge is indicative of a massive breakout. What Happened: According to pseudonymous crypto analyst Kaleo, Litecoin's recent surge appears to be “the real deal” as it has been “long overdue for a solid pump”.

DOGE's price continues to show strength as the price hold above the key region of $0.08 as bulls aim to go higher.   DOGE's price continues to look bearish with the market's current state, as most traders and investors remain cautious.

Dogecoin (CRYPTO: DOGE) co-founder Billy Markus in an open letter on Reddit this week addressed the heightened interest in the cryptocurrency he created as a joke. Markus was an engineer at IBM at the time he created Dogecoin, alongside Adobe engineer Jackson Palmer.

The market cap of popular cryptocurrency Solana (CRYPTO: SOL) and meme coin Shiba Inu (CRYPTO: SHIB) has slipped below that of Dogecoin (CRYPTO: DOGE) relative Litecoin (CRYPTO: LTC). What Happened: At the time of writing, LTC was at 13 in terms of market capitalization, while SHIB ranked 14th in the list and SOL was at 16, according to CoinMarketCap's top 100 list of cryptocurrencies.

The most recent Dogecoin price analysis predicts a bullish trend for the cryptocurrency as a considerable rise in coin value was detected throughout the day. The price has leveled up to $0.081 due to the recent bullish drift.

Dogecoin (CRYPTO: DOGE) relative Litecoin (CRYPTO: LTC) gained 23.80% in the last 24-hours amid FTX (CRYPTO: FTT) fallout. What Happened: At the time of writing, LTC was trading at $76.97, up 29.73% in the last seven days.

Dogecoin price analysis is going through a loss as the price underwent a decline up to $0.07367 today. The downtrend has been quite constant since the start of the week, and even today the price has followed a downward movement.

Dogecoin (CRYPTO: DOGE) was sliding over 5% lower during Monday's 24-hour trading session, desperately trying to hold above the 200-day simple moving average (SMA) on the daily chart, which the crypto regained following news that Elon Musk's Twitter acquisition would close. The bears briefly dropped the crypto under the important level on Monday afternoon, but bulls came in and bought the dip.

Top whales continue to increase their holdings with their favorite crypto tokens as the crypto prices fall lower following the collapse of FTX. The fourth largest BNB whale “Sabo” has just bought 53,501,879 Dogecoin (DOGE) as the price reaches near the bottom.

On 20 November 2022, Alex Valaitis, Founder of Web3 consulting firm W3T, shared his thoughts on Dogecoin ($DOGE). Popular meme-based cryptocurrency Dogecoin ($DOGE) was initially released on 6 December 2013, as a “fun and friendly internet currency.” It was created by Billy Markus and Jackson Palmer.