Dogecoin Price Analysis: Price Forecast for November

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Dogecoin (DOGE) is one of the leading meme coins on the market.  The token which is currently ranked number 9 is trading at $0.1419 DOGE/USDT at Gate.io. However, its value decreased by 2.5% within the last 24 hours.  Unfortunately, it is priced about 80.5% below its all-time high attained on 8 May 2021.  Within the previous 7 days the token price was fluctuating within a range that lies between $0.139 and $0.146. In the higher times Doge remains bullish. However, it is bearish within the smaller time frames. 

The good thing is that Doge still commands a large trading volume. In fact, its trading volume surpasses 1.14 billion Dogecoins. Generally, high volume shows sustained interest in the digital currency. For a long period the spike in Doge volume has been corresponding with its price movements. As such, it acts as a very reliable indicator for predicting the possible change in its value. 

Technical Indicators Predicts a Bullish November for Dogecoin 

Despite the recent Doge pullback the leading technical indicators show that its price may rise in November.  First, let's analyze the Doge price forecast using its price action. The monthly price chart shows a bullish outlook for the token as the next picture indicates. 

Doge Monthly Price Chart - Coingecko

 As observed on the graph, Doge had a strong rally between 10 and 19 October. It seems, though, that the uptrend may continue after a brief pullback. If it gets much buying pressure its price may rise to $0.213, its yearly high, reached on 25 March. However, very strong selling pressure may push its value to $0.077, its 8-month low. 

Moving averages can also help us to forecast its future price movement. The 50-day EMA and the 200-day EMA can tell us its possible moves. As of now, the price is above the 50-day EMA showing a bullish outlook. On the other hand, the 50-day EMA is still above the 200-day EMA indicating a brighter future. If the Doge price stays above these moving averages that may indicate the beginning of a new uptrend. 

The RSI reading is also indicating a bullish outlook. Specifically, the DOGE RSI has a reading of 53. This is a weak bullish signal though. However, it may pick up strength in the next few days. An RSI reading of between 50 and 70 suggests strong bullish momentum. On the other hand, a reading of 70 or above indicates  overbought market conditions. On the contrary, if the RSI reading is below 20 it indicates an oversold state. 

Also, the Accumulation/Distribution (A/D) Line is showing that Doge is bullish. This is because the line is rising and has a reading of about 163.76 billion, suggesting that accumulation is taking place. The fact that the investors are still acquiring the token shows a possibility of a future price rise. 

Doge’s Current Bullish Scenario: If the Doge price stays above the 200-day EMA and the trading volume continues to rise, its price may continue to increase. 

Bearish scenario: If the Dogecoin price falls below the 200 EMA and the volume spikes due to rising selling pressure its value may drop towards $0.11.

Generally, a rise in Dogecoin’s price towards the end of October may depict a possible bullish November. That trend may be confirmed by an increase in momentum in the first week of the month. 

Factors that May Influence Dogecoin Price Performance in November

Some factors may influence Doge’s price trajectory during the remainder of the fourth quarter. First, recently Elon Musk aired a positive sentiment regarding Doge. That may incite people to buy it in large quantities. In addition, there is an altcoin hype that can help push its price higher than now. Also, there is growing support for Donald Trump to win the U.S presidential election. A win for Trump may ignite a crypto rally. 

Elon Musk’s Support for Dogecoin - x.com/Elonmusk 

On the negative side, Donald Trump’s loss in the coming U.S presidential elections may lead  to crypto market wide bearishness. This should alert the traders of the need to include meme coins and cryptocurrencies with strong fundamentals in their portfolios.

Can Dogecoin Price Reach $4?

There is an outside chance that Doge may reach $4 in the next few months. For instance, if the bitcoin halving influences the market its price may rise significantly. In the past Doge pumped several months after the halving event. For example, in 2016 the Doge price spiked by 8,000%,  231 days after the halving event. In 2020 its value increased by 23,000% after 191 days following the bitcoin halving. As of now, it is still less than 190 days after the 2024 halving event. This shows that  the impact of the halvening may emerge during the next few weeks. If that happens the Doge price may surpass $4.

Despite Doge’s bullish outlook many meme coins are in red at the moment. As a result, the total memecoin market capitalization stands at $62 billion after losing by 1.2% within the last 24 hours. Simon Cat, Maga Hat, Flat Earth and One Play are some of the trending meme coins.