what is happening
Dogecoin, the first-ever meme coin, exhibited strange behavior ahead of the long-awaited Uptober bull market that has yet to arrive. For the first time ever, DOGE prices rose steadily throughout September, with some corrections.
Source: CoinMarketCap
A massive breakout that began in late September led to a 25% surge, while a rough early selloff sent the memecoin back to the $11 level. At the moment, DOGE is trading at $0.111, with clear signs of an uptrend at hand.
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Needless to say, Dogecoin holders are bracing for a big Uptober bull run.
Appointment has not started yet
Dogecoin (DOGE) could be poised to repeat its historic bullish pattern, according to crypto analyst Ali Martinez. Martinez emphasized that DOGE is currently emerging from a multi-year downward triangle that has led to significant price increases in the past.
Martinez shared a graph showing that DOGE has been on a similar trajectory since 2015. It first spiked 200% and then experienced a 60% retracement.
This correction is usually followed by an even bigger bull market. If history repeats itself, Dogecoin could be in for another big rally.
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The lack of resistance to selling pressure points to the possibility of DOGE moving higher towards the $0.17 price level, where further resistance to the asset’s decline and possible consolidation awaits.
In particular, the surge in Dogecoin market volume indicates an increase in interest and liquidity. These two factors will stabilize the market and prevent DOGE holders, especially whales, from selling.
Dogecoin price history suggests that a trend reversal began around October 16th to 19th.
Source: Into the Block
If Uptober were to emerge this year, we would see a massive price rally well beyond last month’s high of $13.
