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Price Analysis

Dogecoin Posts Decent Gains but DOGE/USDT Capped Below $0.30



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Dogecoin has a deserved slot in the top-10 even though its “protégé”, Shiba INU, dominates crypto Twitter.

At the time of writing, DOGE is at ninth with modest gains by Dogecoin standards in the past trading day.

Changing hands at $0.27, DOGE bulls may need just more than Elon Musk to rewind the over 60 percent dump from an all-time high of May 2021 when the Dogemaster appeared on the SNL as the “leader” of the public project.

Dogecoin Market Performance and Price Status

Thus far, there has been a shift in speculator interest.

SHIB is the new DOGE.

There is a direct correlation between the valuation of the Dogecoin clone and the original DOGE, which also cloned BTC. The lift-off of SHIB is lifting all joke coins.

Accordingly, if this is indeed the case, DOGE/USDT prices may find the momentum to close above $0.30 and subsequent reclaiming of $0.35, which flashes with August 2021 highs.

Dogecoin Daily Price Chart for October 27

From the candlestick arrangement in the daily chart, such a move confirms buyers of early Q3 2021.

Besides, it would align the DOGE/USDT price action with the dominant trend of Dogecoin—bulls. When writing, there are hints of higher highs, and DOGE bull bars, for example, align with the upper BB.

At the same time, the 20-day moving average is the dynamic support, providing the immediate base for Dogecoin buyers. Because of increasing prices, the middle BB is positively inclined, pointing to demand and buying pressure.

Will Dogecoin Fall for an M-Formation?

DOGE/USDT prices are in range and struggling, according to one trader on Trading View.

In his view, DOGE is bearish below $0.30, and the $0.22 zone on the lower end is the primary support.

Dogecoin Under Pressure

If Dogecoin buyers fail to close above the $0.30 resistance level for a spring towards other liquidation lines, the coin could correct deeper, completing an M-formation.

The analyst projects DOGE/USDT to slide back to $0.22 in that eventuality.

This would form a double-bottom, heaping pressure on DOGE.

Will DOGE Reach $2?

On Twitter, a Dogecoin permabulls thinks at spot rates the coin is undervalued. Presently, DOGE/USDT prices are within a $0.10 zone with caps at $0.30 to the upside.

It is a resistance level that buyers must overcome for another leg up towards $0.35 and later $0.71—the coin’s all-time highs.

Still, even with these liquidation lines and Dogecoin sliding over 60 percent from all-time highs, the trader’s view is that DOGE could reach $2.

Accordingly, at spot rates, a trader could begin searching for entries in anticipation of a potential 10X.

Slowly but Surely for Dogecoin

As per another trader on YouTube, Dogecoin is bullish, and holders are optimistic about what lies ahead.

There are a series of higher highs, and DOGE bulls are resilient, absorbing selling pressure as evidence shows in the daily chart.

So far, the analyst observers, DOGE/USDT prices are inching higher despite low volumes.

It would, nonetheless, change once bulls overcome immediate resistance lines above $0.30. Already, the BB is beginning to diverge, and prices are trending above crucial moving averages.

Losses below the $0.20-$0.25 zone would slow down buying pressure, heaping pressure on DOGE.

Charts courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

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