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As the price of Bitcoin (BTC) rose to $35,000, igniting significant gains across the market, the biggest memecoin Dogecoin (DOGE) remained relatively quiet. However, DOGE hinted at a resurgence with a double-digit rise on October 26, reaching up to $0.075. Memecoins such as Pepe (PEPE), Floki Inu (FLOKI), Bonk (BONK), and Wall Street Memes (WSM) led the memecoin rally, with price increases of 85%, 65%, 70%, and 20% respectively in the past week. The prices of the two largest memecoins, Dogecoin and Shiba Inu (SHIB), also saw upward movements but joined the rally late. So, what’s next for DOGE? Here’s the Dogecoin chart and analysis.
Dogecoin Price Movements: Is $0.1 on the Table?
With the latest data, Dogecoin’s price rose by 10% on October 26, reaching $0.07489. While DOGE bounced back from the $0.058 support area, indicating the end of the downtrend, the largest memecoin lacked the momentum to break the descending trendline that has been holding for several months. The 200-day Exponential Moving Average (EMA) (purple) acted as a barrier to the upward movement, but all of these obstacles have been overcome with the recent surge.
Moving Average Convergence Divergence (MACD) indicator suggests that the bullish outlook for Dogecoin is sustainable. As long as the memecoin’s price maintains the uptrend above the neutral zone of the 0.00 level, it can continue to rise. The price movement above the long-standing descending trendline can be interpreted as a sign of further upward movement. Additionally, if the 21-day EMA (red) crosses above the 100-day EMA (blue) and forms a Golden Cross formation, it can be expected to accelerate the price increase.
Investors, especially considering the Relative Strength Index (RSI) on the four-hour chart holding above the 80 level, should consider taking profit. This overbought condition indicates the possibility of a correction. Any indication that the RSI has fallen below 70 and entered the neutral zone could pave the way for investors to buy the dips.
Dogecoin Analysis
Long-term investors in Dogecoin may continue to hold the memecoin in their portfolios until the social media platform X (formerly known as Twitter) decides whether to integrate DOGE as a payment option to diversify its offerings.
Famous billionaire Elon Musk has a special affection for Dogecoin, fueling speculation that he will integrate DOGE into his X platform, which he aims to make the “App for Everything.” This move is likely to increase demand for the memecoin and trigger a major rally.
