DOGE to Moon? What to Expect From Dogecoin Price This Week
2024-10-12

What is happening
Dogecoin, the first ever meme coin, has shown strange behavior prior to the highly anticipated Uptober bull run that has not arrived yet. For once, the DOGE price has been steadily growing all throughout the September with some minor corrections.
Source: CoinMarketCap
The massive breakout that started in late September has led to a 25% surge, while the rough drop in the beginning has sent the meme coin back to $11 levels. As of now, DOGE is traded at $0.111, with some clear signs of uptrend on the horizon.
Needless to say, Dogecoin holders are poised for a big Uptober bull run.
Uptober yet to start
According to crypto analyst Ali Martinez, Dogecoin DOGEUSD may be poised for a repeat of its historical bullish pattern. Martinez highlighted that DOGE is currently breaking out of a multi-year descending triangle, a pattern that has led to significant price rallies in the past.
Martinez shared a chart showing that since 2015, DOGE has followed a similar trajectory: First, it surges by 200%, then undergoes a 60% retracement.
After this correction, a larger bull run typically follows. If history repeats, Dogecoin could be on the verge of another significant rally.
The absence of selling pressure resistance points to a potential rally for DOGE toward the $0.17 price level, where more resistance to the asset's decline and possible consolidation await.
Notably, the surge in Dogecoin market volume signals increased interest and liquidity. These two factors stabilize the market and could prevent a sell-off from DOGE holders, especially whales.
Dogecoin price history suggests the beginning of trend reversal around Oct. 16-19.
Source: IntoTheBlock
If Uptober arrives this year, the massive price rebound will follow, far exceeding last month’s high of $13.