Dogecoin has been around for a few years, and in that short time, it’s already become a global phenomenon. In just April and May, Doge reached heights nobody thought possible, 300%. However, these were only temporary. Yet, recent months have seen some bearish momentum coming back into the market, with many people considering investing yet again soon.
This article presents our Dogecoin price prediction for October.
Dogecoin Price History – 2021 So Far
If you are looking to buy Dogecoin in the short term, you should do due diligence. Due diligence is a necessary action in any investment.
Before we go into analysis and price prediction, let’s understand what Dogecoin is.
Dogecoin is a cryptocurrency created by Billy Markus and Jackson Palmer as a meme coin in 2013. The two founders were engineers who worked for IBM before starting Dogecoin.
From a lowly $0.0088 per coin, Dogecoin went on to generate more than 20x its value by the beginning of 2021. All thanks to social media communities and Gamestop’s short squeeze led retail investors to pile into it as a joke.
Dogecoin was riding high in investors’ consciousness thanks to an endorsement from Elon Musk, Mark Cuban, and Snoop Dogg when it experienced a surge of around 1167%. The coin stabilized at $0.0500 until April 2021, when momentum picked up again.
In May 2021, Dogecoin’s price finally fell by around 79% over the next couple of months. Analysts believed that this had burst many investors’ bubbles leading them to flock towards other currencies. However, momentum began spiking again in early August 2021.
Dogecoin is on the rise! In just one week, Dogecoin prices have gone up nearly 50%. The reason for this sudden price increase? Nobody knows for sure, but it might be because of some positive news. Or an upcoming event that will boost interest among investors once more.
Dogecoin Price Prediction
Technical Analysis
The Dogecoin price has recently broken out of a falling wedge pattern, which is an excellent sign. This means that soon the coin may be ready to take off again and go up in value even more than before. The current level at $0.3 could act as resistance, but if it breaks, then it’ll mean good news all around.
If the price continues past this region, it will become more resistant. A close above $0.4200 would be significant for investors and could lead up to an increase in volatility as buyers battle with sellers over which one comes out on top.
The latest Dogecoin price prediction for October points to an optimistic future. Technical factors indicate some bullish momentum, with resistance at $0.5500. However, it appears this level might break, making the coin reach new heights.
Dogecoin Price Prediction for October 2021
Our Dogecoin price prediction for October can see the coin range from $0.20-$0.31, suitable for investors. Investors should capitalize on this month to maximize profits.