DOGE Price Analysis: Will Dogecoin Witness A Rally This Uptober?

The post DOGE Price Analysis: Will Dogecoin Witness A Rally This Uptober? appeared first on Coinpedia Fintech News

Falling in a constant bearish pit, the DOGE price displays a long-term bear phase in 2023. Losing the early 2023 gains in just 5 months into 2023, the Dogecoin prices recently formed a new closing price of 52-week of $0.0585.

The ongoing bearish trend puts a dent in any positive Dogecoin price prediction and warns of a delayed bull run.

Struggling to sustain above the $0.060 mark, the DOGE price action formed a consolidation range between $0.060 and $0.0644. However, the overhead supply leading to higher price rejections resulted in a bearish outcome. 

With a sharp 3.94% fall forming a bearish engulfing candle, the DOGE price falls below the crucial psychological mark of $0.060. Moreover, the meme coin continues a trend of lower high formations, teasing a prolonged downtrend. 

In the larger picture, the falling wedge traps the Dogecoin price, and the ongoing downtrend continues as a negative cycle. 

Currently, the DOGE price trades at $0.0588 with no significant intraday move apart from a long tail. However, the price action teases a potential morning star to retest the broken range of $0.060.

Technical indicators:

RSI indicator: The daily RSI line fails to sustain above the halfway line, giving a false bullish divergence. Currently, the falling RSI crashes under the 14-day SMA and approaches the oversold boundary. 

Exponential Moving Averages: The 50-day and 200-day EMAs maintain a bearish alignment, signaling a bear phase. Moreover, the 50-day EMA continues to keep the bullish growth in check, leading to lower high formations. 

Also Read: Memecoins Lose Momentum: Dogecoin (DOGE) and Shiba Inu (SHIB) Prices Plunge Aiming to Hit the Lower Support

Will The DOGE Price Fall To $0.0550?

With a morning ready to retest the bearish breakout, Dogecoin may struggle for a trend reversal in the coming weeks. However, a bounceback above the $0.60 mark will improve the chances significantly. Until then, the DOGE price can fall to the next crucial psychological support of $0.050.

Conversely, a jump above $0.060 will increase the Dogecoin price to the $0.065 mark.