The price of Dogecoin has reclaimed the lows of the trading range, which I mentioned in my previous analysis. This has given the bulls confidence to target more upside. DOGE price has been on an uptrend since last Thursday.
The bullish price action continued on Monday as the popular memecoin extended its gains by another 1.86%. At the time of writing, the most valuable memecoin is trading at $0.06284 on the global crypto exchanges. This bullish price action of DOGE is fuelled by the ongoing surge in the Bitcoin price.
Altcoins are finally catching bids after the Bitcoin price has broken above $30,000. At press time, the biggest digital asset by market capitalization stood at $30,600 after a minor pullback from $30,900. Analysts are referring to the macroeconomic factors and the much-anticipated approval of spot BTC ETF as the possible behind the ongoing crypto rally.
The latest Dogecoin news reveals that the memecoin community is going to celebrate International Doge Day on 2 November 2023. This event will also feature Kabosu, the real dog behind the DOGE meme. The gathering will take place in Japan.
As Dogecoin price usually performs very well near such events, traders are accumulating the digital asset in expectation of short term gains.
Dogecoin Price Analysis
Unlike other analysts, I use multiple techniques in my technical analysis. In the following DOGE to USD chart, the most important objects are the downward trendline (black), the short term trading range (blue) and the 200-day moving average. This analysis has been performed on the daily chart.
Dogecoin price prediction is looking bullish in the shorter timeframe due to the ongoing bullish wave in the altcoins. After a reclaim of the range lows, a retest of the 200 MA around $0.069 looks almost imminent. This will mean a breakout from the trading range and may result in a bigger push towards the psychological level of $0.10.
The invalidation of this bullish outlook will be a breakdown below $0.06 or a reversal in BTC price from its current levels.
