The cryptocurrency market showcased a bullish outlook during Sunday’s low-volatility session. Following a 1% surge in Bitcoin price, many major altcoins, including Dogecoin, experienced a renewed recovery in the final week of October. Amid the recent price jump, a crypto analyst highlights a key resistance breakout for DOGE to drive a high-momentum rally.
Currently, the DOGE price trades at $0.14, with an intraday jump of 2.49%. Meanwhile, the market cap surged to $20.2 Billion.
Will Dogecoin Price Surge 25% by October End? Analyst Shares Insights
This week, the crypto market experienced a sharp correction as the Bitcoin price reverted from its $70,000 barrier. Following the bearish momentum, the dog-themed memecoin DOGE recorded $0.149 to $0.127— a 14.6% loss.
In a recent tweet, renowned crypto analyst Ali Martinez revealed this pullback as forming a bull-flag pattern. Generally, the pattern showed a dominating trend with a long ‘Pole’ followed by a temporary pullback within two downsloping trendlines to represent a ‘Flag.’
This correction should allow buyers to recuperate the exhausted bullish momentum for the next leap. By press time, the Dogecoin price traded at $0.14 and teased an upside breakout from the pattern resistance trendline.
The analyst highlights a potential breakout from the $0.143 region, which will push the ascend 25% to hit $0.175.
Large Holders Boost DOGE Holdings by 17.6M
According to Santiment data, large Dogecoin holders with wallet sizes between 10 million and 100 million DOGE have increased their holdings, accumulating an additional 17.64 million DOGE.
This growing accumulation by big players could signal heightened confidence in DOGE’s future price potential and may contribute to stronger price support in the coming weeks.
DOGE Price Analysis Hints an Escape from Major Accumulation
The Dogecoin price prediction shows the current retracement likely follows a sharp recovery that began in mid-October. Starting from $0.10, the coin’s price surged to a high of $0.149, marking a 48% increase.
The trading view chart shows this upswing breached a key resistance at $0.12, concluding a 4-month accumulation for DOGE. If sustained, the buyers could drive a 36% rally and hit the $0.00002 barrier.
A recent bullish crossover between the 50-and-200-day EMA could increase the buyer’s dominance for this asset for a sustained rally.
On the contrary, if the retest phase fails to sustain the above triangle’s breached trendline, the sellers would strengthen their grip over this asset for prolonged consolidation.
Frequently Asked Questions (FAQs)
Crypto analysts suggest that a breakout above the $0.143 resistance could propel Dogecoin’s price by 25%, potentially reaching $0.175 before month-end.
Dogecoin’s recent pullback is forming a bull-flag pattern on the daily chart, a setup that generally indicates a continuation of the bullish trend after consolidation.
According to Santiment, large Dogecoin holders have accumulated an additional 17.64 million DOGE, signaling confidence in its future potential and adding stronger price support
Sahil Mahadik
Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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