The sudden rise of Shiba to a notch above Dogecoin was a shocking blow to the price action in the last month. The sudden development of buying sentiment at Shiba woke the Dogecoin lovers, and we witnessed a strong comeback of Dogecoin in October 2021. To this date, DOGE has delivered a return of over 50% since taking an uptrend movement on October 04, rising from $0.198 to $0.2806.
Dogecoin now ranks at the 9th position in terms of market capitalization with a circulating value of $37.09 billion. The resistance of 200 DMA has coincided with the level of $0.3000. Investors should remain aware of both levels. 200 DMA comes around $0.2852, which is just a notch above the current value of $0.2804.
While prices have been in upside movement, can this trend sustain, or are we going to witness just another profit booking session marking the end to the consistent gain of the last 40 days?
Dogecoin Price Analysis
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Dogecoin has maintained a trendline movement with the resistance of 200 DMA very active and often weighing heavily on the price sentiment. Dogecoin can only become bullish after crossing the $0.3300 level on an immediate basis.
Dogecoin has witnessed sudden buying spikes following the rising value of Shiba Inu Coin in the last month, But getting hammered by its 200 DMA line has broken investor sentiment of making a breakout multiple times. Still, with such resistances and trading close to 60% below its all-time high value, Dogecoin has maintained its position in the top 20 cryptocurrencies for almost the entire 2021.
At the current level, not only the 200 DMA but $0.3000 will also be a crucial level hindering further upside movement on this cryptocurrency valuation. Rising volumes have been sudden, and they often last just for two days, followed by consistent profit booking. As such, it will be very difficult to track a progressive trendline on the long-term charts.
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However, as the above chart shows, despite a dip in the transaction volumes, RSI has maintained a highly positive stance of above 60 on histograms. According to our DOGE price prediction, Lower wicks around $0.250 indicate a possible development of immediate support level, further aiding the price action.
