Price Analysis

Dogecoin Aims To Follow The Shiba Inu Price Rally, Will It Make To Its ATH?

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Highlights

    Dogecoin price surged with a notable margin primed to hit the initial target at the earliest, aiming at the ATH

    The asset if follows the SHIB price rally, then the DOGE price will not only smash the ATH but may go beyond $1 too

Bitcoin and Ethereum price just reached their monthly highs and influx the space with extreme bullish sentiments. XRP price after being stagnant for a long time finally made a move towards its immediate resistance levels. Yet despite the bullish environment, Dogecoin rallies but fails to break through the $0.3 key resistance area. 

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DOGE price had experienced a steep jump during the last two days of October 2021. After undergoing a slight correction, the price remained still for more than a week. Yet the fresh surge rallied the price more than 8% within an hour which also included a notable dip from $0.2979 to $0.2817. Currently, it appears that the price is ranging towards the south, however, a confirmation of downtrend is when the price breaks support levels. 

dogechart
Source: Tradingview

The doge price currently is testing the crucial resistance levels, despite a temporary rejection, the price is still in range. However, considering the pattern, the asset may consolidate within the triangle without any breakdown. Yet if the asset gets a wider push, it may even break the pattern in a coming couple of hours or within the next trading day. 

The price needs to smash the important levels at $0.32 and sustain strongly in order to validate the uptrend. However, once done, the next important level could be somewhere above $0.4 and eventually range close to the ATH around $0.7. And therefore, the dollar mark may be more feasible for DOGE price after attaining the ATH for the second time. 

Moreover, the trading volume of Dogecoin has spiked notably with more than 210% recording more than $3 billion.  And hence if the high volume continues, then the DOGE price may even break the pattern shortly. Collectively, the Dogecoin price rally may become stronger in the coming days, inspired by the Shiba Inu Price rally. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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