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- 1 Dogecoin price prediction is bullish for October till it sustains above the $0.05500 level.
- 2 DOGE price is trying to climb above the 50-day EMA to reverse the trend.
- 3 Dogecoin crypto consolidating for base formation.
Dogecoin price prediction stays bullish till DOGE crypto price sustains above the $0.05500 level. It consolidated for quite a long time and formed a strong base near $0.05500 so the downside risk is low.
DOGE price is near the demand zone and selling pressure seems to be getting absorbed. It indicates that some crypto whales are silently accumulating the memecoin at lower levels.
Dogecoin crypto price tried multiple times to climb above the 50-day EMA to reverse the trend. But sellers were active and prices kept on facing rejection. However, on the lower side, buyers managed to defend the $0.05500 level and kept the price inside the range.
The consolidation range is narrow so a breakout or breakdown is possible in the upcoming months. The price action shows that DOGE price is now preparing for a massive breakout. It’s better to avoid creating any short positions.
Dogecoin price is trading at $0.06108 with an intraday decline of -0.47%. The 24-hour volume to market cap is 1.99%.
Will Dogecoin Price Break the Higher Range in October?
Dogecoin price prediction is bullish for October as well as for the next few months. Moreover, another famous memecoin Shiba Inu price prediction is also favoring the bulls. So, if the memecoin performs well in the coming months then DOGE crypto might lead the rally.
The price behavior of the DOGE price is volatile so investors need to be careful from the speculative spikes.
Until the Dogecoin price breakout of the $0.06857 hurdle takes place, any short-term upmove might not be reliable. It’s better to wait for the real breakout before creating a long position.
DOGE Price is Directionless and Spending Time in a Range
DOGE price is directionless and spending time in a range. On the daily, weekly, and monthly timeframe, the price seems to be near the crucial support.
The analysis suggests sellers are facing difficulty in pulling the price down. Therefore, it increases the probability of the upward range expansion. The MACD curve is on a slow and steady rise indicating mild bullishness.
The RSI is at 43 near the oversold territory so if the price recovers and breaks the higher range, then it might reach the neutral zone.
Conclusion
Dogecoin price prediction is bullish for October 2023. However, the price will gain momentum when buyers are able to break the $0.06857 hurdle.
The analysis suggests DOGE price is near the demand zone so the possibility of an upward-range expansion is high.
Technical Levels
- Resistance levels: $0.06857 and $0.07500
- Support levels: $0.05500 and $0.05000
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
