Cryptocurrency markets displayed a bullish outlook during Sunday’s low volatility session. Many major altcoins, including Dogecoin, rebounded again in the last week of October following a 1% rise in Bitcoin prices. Amidst the recent price rally, one cryptocurrency analyst has highlighted the resistance breakout as key to DOGE’s higher momentum.
DOGE price is currently trading at $0.14, with an intraday increase of 2.49%. Meanwhile, its market capitalization soared to $20.2 billion.
Will Dogecoin price rise 25% by the end of October? Analysts share their insights
This week, the cryptocurrency market experienced a sharp correction as the price of Bitcoin broke through the $70,000 barrier. Following the bearish momentum, dog-themed meme coin DOGE fell from $0.149 to $0.127, a loss of 14.6%.
Renowned crypto analyst Ali Martinez revealed in a recent tweet that this pullback is forming a bull market pattern. Generally, this pattern showed a dominant trend with a long “pole” followed by a temporary pullback within two downward trend lines to represent a “flag”.
This correction should allow buyers to regain depleted bullish momentum for the next leap forward. At the time of writing, Dogecoin price was trading at $0.14, suggesting an upside breakout from the pattern resistance trendline.
Analysts are highlighting the possibility of a breakout of the $0.143 area, which would lead to a 25% rise to $0.175.
Large shareholder boosts DOGE Holdings by $17.6 million
According to Santiment data, large Dogecoin holders with wallet sizes between 10 million and 100 million DOGE increased their holdings and accumulated an additional 17.64 million DOGE.
Such increased accumulation by major players may indicate growing confidence in DOGE’s future price potential and could contribute to stronger price support in the coming weeks.
Supply Distribution | Santiman
DOGE Price Analysis Suggests Escape from Massive Accumulation
Dogecoin price predictions indicate that the current retracement is likely to follow the sharp recovery that began in mid-October. Starting at $0.10, the coin’s price soared to a high of $0.149, marking a 48% increase.
Trading View’s chart shows that this rally broke through the key resistance level at $0.12, ending DOGE’s 4-month total. If this trend continues, buyers could drive a 36% rally and hit the $0.00002 barrier.
The recent bullish crossover between the 50-day EMA and 200-day EMA could increase buyers’ advantage on this asset for a sustained rally.
DOGE/USDT -1d chart
Conversely, if the above triangle breaking trend line fails to hold during the retest phase, sellers will likely consolidate their control over this asset for a long-term consolidation.
Frequently asked questions (FAQ)
Cryptocurrency analysts suggest that a break above the $0.143 resistance level could push Dogecoin’s price up 25%, reaching $0.175 by the end of the month.
Dogecoin’s recent pullback has formed a bullish flag pattern on the daily chart, and this setup generally signals the continuation of a post-consolidation bullish trend.
According to Santiment, Dogecoin’s large holders have accumulated an additional 17.64 million DOGE, demonstrating confidence in Dogecoin’s future prospects and adding stronger price support.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
