Dogecoin (DOGE), the largest meme coin by market value, is currently trading at $0.061. The hopes of DOGE investors for a bullish trend turned upside down due to the rapid pullback of Bitcoin‘s price from $28,000. So, what are the expectations for October? What price levels should investors watch?
Dogecoin (DOGE) Commentary
The excitement of the SNL Show in May 2021 feels like yesterday, but a lot has happened since then. The price of DOGE, once targeting $1, is now making deeper lows below $0.1. Moreover, the $0.1 level is becoming a strong resistance.
Elon Musk’s decision to abandon Twitter integration with DOGE was a significant event, but it did not have the expected impact on the price. The mischievous billionaire quickly gave up on the idea of developing a tipping system for content and using DOGE for that purpose.
Due to regulatory pressures on products integrated with cryptocurrencies, Musk abandoned his previously voiced goals. Now, he aims to bring payment services in fiat currency to Twitter, now renamed X. Unless he surprises us, we won’t see a DOGE rally supported by Musk in October.
DOGE Chart Analysis
Looking at the price, losses have exceeded 25% in the last 6 months. Nevertheless, DOGE continues to remain profitable in the long run. So, what is this long term? We can say the past 5 years, as the price remains 1475% higher than it was 5 years ago.
On the daily chart, the price has been trading within a parallel channel since August 17. The $0.0647 level has become a strong resistance that the price cannot surpass. If this level is breached, DOGE could target $0.077 and $0.08 after the $0.0684 resistance.
On the downside, the support line of the channel is at $0.06, and closing below this level could bring a drop to $0.055.
In summary, the price scenario for DOGE in October seems to continue with ups and downs between $0.068 and $0.055.
