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Dogecoin Price Analysis: DOGE at 0.2424 support, is it time for the moon?

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  • Dogecoin price analysis is sideways for today, finding support at $0.2424.
  • The nearest resistance for the price action remains at $0.2516 and another at $0.2619.
  • The nearest support zone lies at $0.2323, and another at $0.2141.

Dogecoin price analysis is sideways for today as the bulls and bears are fighting for the upper hand. The nearest resistance for the price action has been witnessed at the $0.2516 price level. The support levels are present at $0.2323, and another at $0.2141.

According to the data presented by CoinmarketCap, the trading volume for the coin stands at $1.6 billion, down by 28.00%. This makes DOGE/USDT one of the most actively traded tokens for today. On the other hand, the market cap of the currency dropped by 1.83%. The highest price achieved by the token today was $0.2486, while the lowest remains at $0.2407.

The king of cryptocurrencies, Bitcoin, is still above key support at $54K, trying to breach the resistance at 55K USD. A 31.8 billion trading volume supports the current uptrend for the BTC/USDT pair.

Dogecoin price movement in recent days

Dogecoin exceeded everyone’s expectations for the month of October. Along with Shiba Inu, Dogecoin has been one of the most actively traded tokens in the market. The currency rose by 527% in April alone, followed by a 33.93% surge in August. The prices went down by 26.57% for September, while the coin is up by 21.6% in October.

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The DOGE/USDT pair ended with a 2.7% surge for the last day of September, while October began with a 9% surge. The currency rose by 8.84% on 4th October. Although compared to Shiba Inu, Dogecoin wasn’t able to explode.

Dogecoin price analysis: Technical indicators still bullish

According to the Dogecoin price analysis, technical indicators are still bullish. The key Moving Averages are still in a position lower than the price movement as the bullish are trying to take the prices higher. We can see 3 consecutive green candles in the chart below.

The price movement has broken out from the upper end of the Bollinger Bands multiple times in the past few days, as represented in the chart below. If this trend follows, we might see another breakout as the current position of the price movement is in the upper end of the Bands.

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Dogecoin price analysis on the 4-hour chart by TradingView
Dogecoin price analysis on the 4-hour chart by TradingView

The histogram on the MACD indicators turned red as the bears have taken over the price action. We saw a bearish crossover on the 4-hour chart a few days back, and lower prices followed. Currently, the MACD line is still moving above the signal line as the bearish trend continues.

On the other hand, the RSI line is still in the bullish region as the gradient is positive, indicating that the buying pressure is rising. The value is above 50, and higher prices will break the resistance at $0.2619.

Dogecoin Price Analysis: DOGE at 0.2424 support, is it time for the moon? 1
Dogecoin price analysis on the 4-hour chart by TradingView

Dogecoin price analysis: Conclusion

Our Dogecoin price prediction can be concluded on a bullish note as the DOGE/USDT trading pair is ready to test the resistance at $0.2619. Furthermore, AMC has given the green signal for accepting Dogecoin payments using BitPay. This makes investors bullish on Dogecoin in the longer run.

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Dogecoin & Shiba Inu Could Surge Heavily! Attention Traders, This Could Be Last Buying Zone

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Dogecoin Price Eyes A 30% Upswing!

Dogecoin price since the beginning of the present trading month is maintaining a substantial uptrend. The popular meme coin is attempting hard to break the upper barrier yet facing equal competition from the bears. However, the indicators point out towards a healthy uptrend, but still, the possibility of a slight pullback is also possible. 

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After oscillating heavily in between the strong resistance and support levels, the price is finally attempting to clear them. The asset was trending within the ascending triangle for quite a long time and was expected to continue for a couple of days more. However, the DOGE price quickly regained bullish momentum and accumulated a little. Finally, attempted a couple of times to break the downtrend line. 

The asset initially broke the symmetrical triangle with a notable jump where-in RSI flipped the bearish divergence. Finding its support at $0.23, the asset appears to be pretty poised to hit the important resistance levels in between $0.35 to $0.44. 

Shiba INU Price Targets $0.00004300 Levels

The asset followed a magnificent rally with nearly 340% gains in just 4 days, forecasting the strength in the rally. However, after rallying like a monster, yet the Shiba Inu price appears to be pretty exhausted and is trending within the descending channel. No doubt the dump attempted the price to bring to its initial positions, yet the bulls sustained the price above $0.00002000. 

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shibchart

Since the price smashed its monthly highs, it followed a trend within a parallel descending channel. A couple of attempts to hit the upper levels failed and currently, the price is experiencing a slight drain. And hence a drop to $0.00002584 is quite possible in a coming couple of days. Yet, a notable rebound could assist the price to hit the immediate resistance levels at $0.00003469. Further, the price could trend in the discovery phase, smashing the current ATH. However, SHIB price may go with its own phase undergoing multiple pumps and dumps. 

Collectively, the popular meme coins are on the verge to showcase a magnificent rally ahead. Specifically, following the Shiba Inu(SHIB) price rally, the Dogecoin(DOGE) price which remained stagnant could follow soon. 

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DOGE Has Allowed Lots of People to Get into Bitcoin: David Gokhshtein

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Crypto influencer and former politician David Gokhshtein believes that Dogecoin has done a lot to attract people to Bitcoin.

Chief executive of PAC Protocol, David Gokhshtein, has taken to Twitter to suggest that the most popular meme currency (and the one favored by Elon Musk), Dogecoin, has attracted a lot of people to the flagship crypto, BTC.

“DOGE has allowed a lot of people to get into Bitcoin”

Gokhshtein often mentions other cryptocurrencies in his tweets, aside from PAC Protocol. In the past, Ripple-affiliated XRP, along with Bitcoin was mentioned pretty frequently by him.

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Now, the influencer and former Republican congressional candidate Gokhshtein is exploring meme cryptocurrencies, among other coins. In particular, he has been tweeting about Dogecoin and looking into Shiba Inu (SHIB).

Today, he tweeted about DOGE, stating that this currency that started as a BTC parody in 2013 has allowed a lot of people to enter Bitcoin. He cited multiple free data available on the Internet.

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Mark Cuban defends DOGE against Bitcoin maxis

Over the weekend, as covered by U.Today, billionaire investor, Shark Tank cohost and owner of the Dallas Mavericks, Mark Cuban, debated with podcaster and Bitcoin maximalist Preston Pysh on Twitter regarding DOGE.

Prior to that, Cuban participated in a live audio conversation on Twitter Spaces. There, he repeated what he has been saying quite often recently: DOGE is “a great introduction into the crypto space,” a cheap way of learning about crypto.

Still, Cuban admired Bitcoin as well, but he believes it to be a great store of value. He doubts that BTC can succeed as a unit of payment, unlike Dogecoin.

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Here’s how much DOGE Cuban holds

Despite being a big fan of Dogecoin, the billionaire only owns about $1,500 worth of this meme coin. He bought some more recently “just for fun,” in his words.

He recently stated that a lot of people are using DOGE to buy tickets and merchandise from the Mavericks online shop. According to him, every month, people spend thousands of dollars in DOGE buying stuff from the Mavericks.

As soon as the gaming season starts, he expects the amount of DOGE spent to increase substantially.

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Elon Musk pushes DOGE up 13%

On Monday, Oct. 18, the most popular meme crypto, Dogecoin, went up almost 13% after Elon Musk supported DOGE co-founder Billy Markus’s tweet, where he urges the community to “keep DOGE absurd.”

Besides, the Tesla CEO tweeted a “drawing” of an animal that looked pretty much like a Shiba Inu dog. Both SHIB and DOGE went up after that.

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DOGE Over 12% Up, Trading at $0.26

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Elon Musk-favored meme crypto Dogecoin has risen more than 12 percent

The ninth largest cryptocurrency, DOGE, a favorite of the richest person on the planet, Elon Musk, has shown a rise by over 12 percent, trading at $0.2676, as per the data provided by CoinMarketCap.

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Image via CoinMarketCap

Earlier today, Elon Musk supported the tweet of a Dogecoin co-founder Billy Markus, who mocked all the DOGE-hating part of the crypto community and urging the devs to “keep Dogecoin absurd”.

The centibillionaire also posted a tweet with a “drawing” of what the community believed to be a Shiba Inu dog going to the moon.

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On Saturday, a popular crypto YouTube counted that Elon Musk’s net worth in DOGE now totals 861 billion and the Tesla CEO replied he hoped that would be enough to extend human life to Mars.

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