The cryptocurrency industry starts the month of October in green as the market witnesses a jump in its value for the second consecutive day. With the top cryptos now stabilized and gaining value daily, the market is expected to trade the month on a bullish note.
Following the price dip in mid-September, the coin experienced massive price volatility, resulting in the coin trading in a descending triangle and a consolidated range for a brief period of time. The memecoin was then seen trading close to its support zone, where the coin repeatedly managed to hold itself above the levels indicating the bull power.
The Dogecoin recently broke out of the descending triangle and has now started trading with the support of an ascending trendline. The coin is heading towards its resistance level of $0.06459 and is predicted to be tested soon.
The RSI averages constantly test the overbought zone as the coin repeatedly fails to break out of it, indicating a strong buying and selling power. Moreover, Dogecoin continues hovering around the level, indicating that the price will gain value in the coming days.
On the other hand, the MACD displays a green histogram, indicating a positive price action. Further, the chart shows a rising trend in its graph, indicating the Dogecoin price to continue trading on a bullish note this week.
Will Doge Coin Price Regain Its Value?
If the Bulls continue gaining power and the DOGE price breaks out of the resistance level at $0.06459, then the price will continue trading on a bullish note and prepare to test the upper resistance of $0.06706. Further, if Dogecoin continues to hold its price, it will head towards its target price of $0.06931 in the coming weeks.
On the contrary, if the bears overpower the bulls and a trend reversal occurs, then the memecoin will lose its momentum and start trading negatively. Moreover, if the market fails to hold the price of Dogecoin, the coin will continue to lose its value and will retest its support zone of $0.0600 this month.