While Dogecoin (DOGE) initially began as a joke, it eventually created a loyal following and has often been inside the top 30 coins ranked by market capitalization. Its price movement has been characterized by rapid upward or downward moves of a very large magnitude.

Some speculators believe Dogecoin will be the one to initiate “altseason” since, previously, it has been the first altcoin to post significant increases.

October ended in a positive note for Dogecoin, since Binance announced on October 24 that it will add the DOGE/USD pair to the exchange. Since then, the price has been increasing — though not necessarily because of the announcement.

The Dogecoin price looks to have made a bottom and is in the first stages of a new market cycle. A breakout above the 200-day moving average (MA) would confirm the uptrend.

Cryptocurrency trader @cryptowhitewalk stated that the DOGE price might fall to around 9-11 satoshis before initiating a pump. Additionally, the account outlined the length of every single market cycle until now. (The current one has been the longest.)

Let’s take a closer look at the Dogecoin price movement and see where it might end.

New Cycle for Dogecoin

In the first week of September, the Dogecoin price reached a low of 23 satoshis. This low was combined with an oversold RSI value. Soon after, a bullish cross in the MACD followed. Therefore, it is entirely possible that a new market cycle began with the 23 satoshi low in September. This invalidates the possibility of reaching 9-11 satoshis — an all-time low in price.

Descending Resistance

The Dogecoin price has been following a descending resistance line since May. Due to the presence of numerous wicks, the exact slope is hard to pinpoint.

The price finally broke out above the 100-day MA on September 24 and validated it as support afterward. Currently, it is attempting to move above the 200-day MA. A breakout above it and the descending resistance line would likely confirm the uptrend and beginning of the new cycle.


Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.


Did you know you can trade sign-up to trade Bitcoin and many leading altcoins with a multiplier of up to 100x on a safe and secure exchange with the lowest fees — with only an email address? Well, now you do! Click here to get started on StormGain!

Valdrin Tahiri

Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

Follow Author

Want to know more?

Join our Telegram Group and get trading signals, a free trading course and daily communication with crypto fans!

This site uses cookies.
Click here to accept the use of these cookies. View our cookie policy

We are discussing it in our Telegram Channel

Join

We are discussing it in our Telegram Channel

Join