Dogecoin is currently testing a key demand level after experiencing a 23% drop from its local high of $0.13. As the meme coin crosses this turning point, the broader cryptocurrency market is anticipating a potential rally in the coming weeks, fueled by the Federal Reserve’s recent interest rate cut.
However, October started with increased selling pressure, leaving investors looking for bullish signs in Dogecoin.
Top analyst Mister Crypto has shared a bullish outlook, claiming that Dogecoin could start its next bull run “at any moment.” His technical analysis highlights key support levels and suggests that the current price could be the launch pad for a significant upside move.
Despite the recent decline, many traders remain optimistic that DOGE could soon recover and enter a new bull phase. All eyes are now on whether Dogecoin can sustain the important demand levels and break out in the short term.
Dogecoin is Testing Important Demand
Dogecoin is currently surrounded by speculation as investors and analysts offer differing opinions on its future price action. After weeks of significant swings and falls, the meme coin has seen significant volatility, reflecting the volatility of the broader market. Some analysts remain bullish on Dogecoin’s prospects, while others warn against getting too optimistic too soon.
A technical analysis shared by popular analyst Mister Crypto on X shows a potential bullish scenario for DOGE. His analysis focuses on the 4-day (4D) price chart, where an ascending triangle pattern has just been broken.
This breakout signals a possible bullish run in the future, which if realized, could result in gains exceeding 100%. Mister Crypto’s prediction has sparked renewed hope among Dogecoin traders, who are now carefully managing their risk in anticipation of this potential move.
However, despite the optimism, there is still no clear confirmation that Dogecoin has entered a new bull run. For this bullish scenario to be validated, the price must close above the current demand level and hold support.
Until then, the market remains cautious, with investors waiting for further price action to confirm whether Dogecoin will break out or continue to trade sideways. With so much speculation and uncertainty, the coming days will be crucial for DOGE’s trajectory.
Price Action: Technical Levels to Hold
Dogecoin (DOGE) is currently trading at $0.106 after falling 8% since Monday. The price has lost both the 4-hour 200-day moving average (MA) at $0.107 and the 200-day exponential moving average (EMA) at $0.108, leaving DOGE in a precarious position as it is currently testing key demand levels.
For the bullish momentum to resume, DOGE needs to surpass these key indicators and reclaim the $0.12 mark. A surge above this level could set the stage for a further rally, giving bulls the control they need to change market sentiment. However, the current market environment remains fragile, and any failure to reclaim the 4-hour MA could signal further decline.
If DOGE fails to hold its current levels, analysts predict a deeper correction that could push prices down to around $0.08, a key support area. Traders are watching closely to see if DOGE can stabilize or if there are more downsides ahead. This makes the coming days crucial to determining whether the meme coin can recover or face further selling pressure.
