Dogecoin

Major

Momentum

when

<p>On October 19, <a href="https://coinpedia.org/price-analysis/dogecoin-aims-for-50-surge-as-crucial-on-chain-metrics-turn-bullish-should-you-hold-doge/" target="_blank" rel="noreferrer noopener">Dogecoin</a> was priced at $0.14408. Since then, it has dropped 7.09%, now sitting at $0.13440. This price remains well above its 200-day <a href="https://coinpedia.org/traders/what-is-moving-average-indicator/" target="_blank" rel="noreferrer noopener">Simple Moving Average (SMA)</a> of $0.12758, as shown on the daily chart. Currently, Dogecoin’s price momentum presents mixed signals, with some indicators suggesting a downturn while others hint at a possible rally. </p>   
<p>What do analysts predict for Dogecoin’s next big move? Let’s dive in!</p>   
<h2 class="wp-block-heading" id="h-is-dogecoin-losing-momentum-nbsp">Is Dogecoin Losing Momentum?&nbsp;</h2>   
<p>At the start of the month, <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/" target="_blank" rel="noreferrer noopener">Dogecoin was priced</a> at $0.11413. Until October 13, the market showed sideways movement, struggling to break above the opening price of October 1. The daily chart shows a Doji candlestick formed on the 13th, indicating a close contest between buyers and sellers.</p>   
<p>On October 14, buyers gained the upper hand, pushing the price above the opening price of October 1 to a high of $0.11658. By October 19, DOGE reached a monthly peak of $0.14408. Between October 13 and 19, the market saw an impressive surge of at least 29.44%. However, the current price of $0.13488 reflects a decline of nearly 7.09% from that peak.</p>   
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<h2 class="wp-block-heading" id="h-investor-sentiment-turns-bearish">Investor Sentiment Turns Bearish</h2>   
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<p>Data from Coinglass shows that 52.35% of investors have opted for short positions in the last 24 hours. This trend suggests that more investors expect a near-term drop in DOGE’s price. Additionally, the DAA (Daily Active Addresses) divergence of Dogecoin’s price indicates a weakening bullish momentum, as it has remained negative over the past week.</p>   
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<p>Some crypto analysts warn that if this bearish trend continues, the DOGE market could see further declines.</p>   
<h2 class="wp-block-heading" id="h-what-the-indicators-tell-us">What the Indicators Tell Us</h2>   
<p>Despite the bearish sentiment, the Directional Momentum Indicator on Dogecoin’s daily chart suggests a bullish trend. The +DI value is at 25.9254, above the -DI value of 15.7939, while the ADX index stands at 30.9689, remaining at least five points higher than the +DI value. The ADX line rises above both the +DI and -DI lines, with the +DI consistently above the -DI, indicating strong bullish potential.</p>   
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<p>Furthermore, Dogecoin broke through the 200-day SMA on October 18 and continues to trade above this key level. The 50-day SMA is approaching the 200-day SMA, suggesting that a golden cross could happen soon, a pattern often associated with significant bullish momentum.</p>   
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<h2 class="wp-block-heading" id="h-golden-cross-ahead">Golden Cross Ahead? </h2>   
<p>The possibility of a golden cross is even clearer in Dogecoin’s weekly chart. This pattern is widely seen as a powerful bullish signal, with the last occurrence in 2021 leading to a massive rally.</p>   [post_titles_links postid="370395"]   
<p>Some analysts predict that if DOGE can maintain its position above the 200-week SMA, it could experience a rally of up to 200%.</p>   
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<p>In summary, Dogecoin is at a critical point, with indicators reflecting both bearish and bullish trends. Investors will be watching closely to see which direction DOGE ultimately takes.</p>   
<p><strong>In the world of crypto, anything can happen. Will Dogecoin bounce back, or is it time to control our expectations? Keep your eyes peeled to Coinpedia to know more. </strong></p>

Dogecoin Price Analysis: Bullish or Bearish? Here’s What Data Reveals

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