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Is Dogecoin ($DOGE) Too Big to Pull a Shiba Inu ($SHIB) Like Price Rally?

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At a time when the meme crypto tokens are making double-digit gains with the likes of Shiba Inu ($SHIB) and Floki Inu surging to new highs, Dogecoin ($DOGE), the OG meme currency seems to be missing out on the current bullish rally. $DOGE price has continued to consolidate under $0.30 despite the crypto market seeing a new surge in bullish momentum.

Dogecoin
Source: TradingView

Many believe $DOGE has become too big to make a move like $SHIB at the moment. $DOGE registered an all-time high of $0.7376 in early May and since then it has continued to move downhill with minor bounce backs. It is currently 67% down from its ATH even when the rest of the crypto market has recovered a majority of its losses from the May market mayhem.

Dogecoin has failed to show any signs of bulls since May despite the rest of the crypto market going through a cycle of price rise-up and down from July-September. Even key announcements such as AMC Theaters adding $DOGE as a payment option and Elon Musk’s tweet have failed to ignite any form of bullish rally.

$SHIB Reaches $12 Billion Market Cap in 1/8th Time of $DOGE

Dogecoin’s price action remained inactive for the majority of its lifespan as it was indeed seen as a meme currency with no real value, however, the involvement of Elon Musk and his continuous Twitter pumping of the token made it a valuable investment for many new entrants. The majority of its market gain came in the first quarter of 2021.  Shiba Inu seems to be following on a similar path has crossed $13 billion in market cap in just 14 months of existence whereas $DOGE took nearly 112 months to do so.

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It might take another Elon Musk endorsement for $DOGE to get on the bullish ways but till then $SHIB is carrying the Meme currency ecosystem.

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Dogecoin Price Prediction: DOGE poised for 64% breakout if this key level breaks

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  • Dogecoin price looks ready for a 64% climb as it moves higher toward the upper boundary of the symmetrical triangle pattern.
  • A break above $0.269 could put the bullish target of $0.435 on the radar.
  • DOGE may discover a strong foothold at $0.242 if selling pressure spikes.

Dogecoin price is preparing for a 64% rally, but the dog-themed token has one last hurdle to overcome before the bullish target is in the offing. DOGE must climb above the descending resistance trend line that has acted as a headwind for the token since June 3. 

Dogecoin price to clear one last barrier

Dogecoin price has formed a symmetrical triangle pattern on the daily chart as the bulls catch their breath. While DOGE consolidates, the token is supported by a few significant technical indicators, suggesting that the token is poised to aim higher.

The prevailing chart pattern suggests a 64% climb for Dogecoin price if the token manages to slice above the upper boundary of the technical pattern at $0.269. Before the bulls can anticipate a bull run toward the optimistic target, DOGE would also need to conquer the nearest resistance at 50% Fibonacci retracement level at $0.255.

If a spike in buying pressure occurs, and Dogecoin breaks above $0.27, DOGE would be met with another obstacle at the 61.8% Fibonacci retracement level, coinciding with the 200-day Simple Moving Average (SMA) at $0.277. 

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Additional hurdles may emerge at the 78.6% Fibonacci retracement level at $0.310, then at the August 16 high at $0.351 before eventually reaching the aforementioned bullish target at $0.435.

DOGEUSDT

DOGE/USDT daily chart

Given that Dogecoin price is still trapped in a consolidation pattern, DOGE could still oscillate within the governing technical pattern until a decisive move toward the upside, accompanied by a surge in buy orders. Until then, the dog-themed token may be exposed to minor sell-offs, in which case the nearest foothold at the 100-day SMA at $0.242 will act as substantial support. 

Adding credence to the strength of this support level is IntotheBlock’s In/Out of Money Around Price (IOMAP), indicating that 80,240 addresses purchased 14.73 billion DOGE at an average price of $0.242. 

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DOGE IOMAP

DOGE IOMAP

Additional lines of defense will appear at the 20-day and 50-day SMAs, which sit at $0.238 before dropping lower toward the 38.2% Fibonacci retracement level at $0.233. Only a rise in selling pressure would see Dogecoin price tag the lower boundary of the triangle at $0.213. 

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Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

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DOGE/USD are traded at 0.2460 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2345 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3205.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

In favor of the growth of DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2105 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1745. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin, which will indicate a breakdown of the upper border of the ”Triangle” model.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021 therefore imply an attempt to correct and test the support area near the 0.2345 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3205. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2105 area. This will indicate a continued decline in cryptocurrency with a target below 0.1745.

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Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey

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The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.

The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.

“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”

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The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.

“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”

Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.

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More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.

“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.

Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.

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Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”

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