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- The Dogecoin price saw a 50% surge last month.
- Analyst AIi remains bullish on DOGE, suggesting an upsurge in November.
Dogecoin (DOGE), a meme-based cryptocurrency, has remained in the spotlight as analysts weigh a positive outlook. Amidst the recent upsurge of over 50% in October, the bullish saga may continue this month too.
The Dogecoin price has recorded a double-bottom pattern breakout and climbed past the $0.1400 mark. It has sustained above the key moving averages and was riding in an uptrend.
Amidst the bullish trend, crypto whales have gained interest in DOGE crypto. One of the largest traders bought over $16 Million on Robinhood on October 30.
101,319,815 #DOGE (16,878,062 USD) transferred from #Robinhood to unknown wallethttps://t.co/0xCCtcgh19
— Whale Alert (@whale_alert) October 30, 2024
Likewise, another trader bought over $18 Million DOGE on Robinhood on October 29.
75,242,717 #DOGE (13,399,635 USD) transferred from #Robinhood to unknown wallethttps://t.co/LdZLpXQgqy
— Whale Alert (@whale_alert) October 29, 2024
This significant whale-buying activity revealed that smart money had accumulated DOGE. That might fuel a bullish rally this month.
What Do Analysts Predict About DOGE?
According to analyst Ali Charts, the Dogecoin price pattern resembled past setups that have resulted in significant gains.
The token bullish breakouts happen after a consolidation of 38 and 36 bars. This results in an explosive rise in price. Dogecoin has consolidated this year’s 42 bars just as it did during the lead-up to significant rallies in the past.
History hints that November could spark a parabolic bull run for #Dogecoin $DOGE! Keep an eye out for a sustained close above $0.20. pic.twitter.com/8NOLo6Jjoh
— Ali (@ali_charts) October 30, 2024
He added that a close above the $0.20 threshold could be a bullish breakout in November. This should help Dogecoin gain momentum.
Likewise, Elja, in his tweet, said that DOGE’s chart was close to witnessing a golden crossover of the 50-day and the 200-day EMA. The last time this happened, the DOGE crypto price was noted to have a massive surge of over 21000% within 5 months.
$DOGE Golden Cross Approaching
— Elja (@Eljaboom) November 1, 2024
Last time this happened, DOGE pumped 21,000% in just 5 months
Memecoin Supercycle is coming pic.twitter.com/R2lpvxtcYI
The Dogecoin price was trading at $0.1585. It noted an intraday decline of over 7.30%. With a market cap of $23.22 Billion, the DOGE stood as the 8th largest crypto among the top crypto coins.
DOGE Price Prediction: Roadmap to $0.200
The daily chart analysis of DOGE crypto signified a bullish bias. The Dogecoin price traded above the 61.8% Fibonacci retracement level and witnessed a rejection from the supply zone of $0.1800.
Also, more than 63k addresses have been noted on-chain today. This week, it spiked above the 80k level, which hints at the growing investor interest.
The On-Balance Volume (OBV) indicator revealed significant accumulation over the past few sessions. The OBV reading was around 83.92 Billion. That guided a positive outlook.
Currently, DOGE bulls have a challenge to sustain above the supply region to unlock further gains. If it fails to do so, it may lead to a retracement toward the 20-day EMA zone ahead.
The OI-weighted funding rate remained positive for the past five weeks, around 0.0122% at press time. Typically, positive funding rates highlight a demand for long contracts. In Dogecoin’s case, it stayed positive, meaning investors anticipated further surges.
However, this week, the DOGE price reversed from the supply zone and noted a mild profit booking of over 10% in the last 48 hours. Still, the uptrend was intact and may hit the $0.200 milestone this month.
The immediate support zones for DOGE were $0.1500 and $0.1430. At the same time, the upside barriers were $0.1670 and $0.1800.
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
