Dogecoin Price Prediction: Has Crypto Season Already Started?

Dogecoin Price Prediction Has crypto season already started

In Short

  • Dogecoin rallied by 50% this week.
  • The Relative Strength Index is in extremely overbought condition.
  • Failure to hold above $0.065 could trigger a steep downswing toward $0.05.

Dogecoin price pulled off an impressive 50% rally during the final week of October. Key levels have been defined to determine what could happen next. 

Dogecoin price skyrockets!

Dogecoin price took the crypto market by surprise as the notorious meme coin pumped in a nostalgic 2020-like fashion. At the time of writing, the notorious meme coin has increased by 50%, piercing through the October and September highs. 

Dogecoin price currently auctions at $0.085. The bulls successfully breached both the 8-day exponential and  21-day simple moving averages. The Relative Strength Index has reached extremely oversold conditions.

DOGE/USDT 1-Day Chart
DOGE/USDT 1-Day Chart

The only concern is that the DOGE has been known to react erratically near the $0.08 level. Thus jumping in too early could be problematic. An ideal scenario would be to wait for a pullback to decipher DOGE”s next move. At the current time, aiming for higher than $0.010 would be ill-advised.

Still, the health of the uptrend depends on the thrust candle at $0.0640 remaining untagged. If the level is breached, an additional downtrend move targeting the October lows at $0.055 will stand a fair chance of occurring. Such a move would result in a 35% decline from the current Dogecoin price.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.