Dogecoin Rally Begins, Will DOGE Price Jump 10x To Reach $1?

The post Dogecoin Rally Begins, Will DOGE Price Jump 10x To Reach $1? appeared first on Coinpedia Fintech News

Taking a bullish stand in the Uptober season, the DOGE price rose by 21% in the last two weeks of October. Sustaining the uptrend momentum, Dogecoin gives a long-term pattern breakout, teasing a trend reversal to reach the $0.10 mark.

Moreover, recently, the $3 million short Liquidations showcased a stronger bullish support for the memecoin. As the biggest meme coin per market cap, Dogecoin price predictions hint at a bull run as 2023 ends.

Uptrend Begins In Dogecoin!

Captain Faibik, a crypto trader and analyst, tweets about the possibility of a Dogecoin reaching the $1 mark in this bull run. 

The DOGE price action analysis displays a rally ready to begin by showing a triangle breakout in the long-term weekly chart. Accounting for slightly more than a 1000% jump, Dogecoin presents itself as a great investment opportunity. 

Given a 6 months timeframe, Captain Faibik remains optimistic about the breakout rally reaching the psychological mark of $1. 

Following the double bottom reversal from $0.057, Dogecoin prices continue to form higher high formations and ride the market recovery rally as Bitcoin touches $36K. Further, the uptrend in DOGE price exceeds the 200-day EMA to reach the $0.077 mark. 

With a price jump of 30% in the last three weeks, the meme coin gives a bullish breakout of a long-coming falling wedge. As the uptrend concludes the prevailing medium-term downtrend, the breakout rally continues to gain momentum. 

Currently, the DOGE price is trading at $0.0770 with an intraday growth of 2.39%, reflecting a boost in momentum. Moreover, the bullish engulfing candle teases a new breakout entry spot for sideline traders. 

Technical indicators:

MACD indicator: The MACD and signal lines continue the uptrend after avoiding a death cross event. 

EMA: The declining gap between the 50-day and 200-day EMA teases a golden crossover possibility. The crossover will certify the trend reversal in meme coins and signal an entry spot for buyers. 

Will DOGE Price Reach $1?

Following the wedge breakout and the triangle breakout in the weekly chart, the DOGE price rally is about to begin. Further, the upcoming bullish catalysts like the golden crossover, $0.10 breakout, and the upcoming altseason can fuel the rally in meme coins. 

Therefore, the possibility of Dogecoin reaching the psychological mark of $1 seems highly likely. However, the volatility in crypto, especially meme coins, is notable and may result in some shakeouts. 

On the flip side, a fall below the $0.070 mark can result in a price drop to $0.066.

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[Source: Coinpedia]