Briefly-
- Dogecoin has hard somewhat mixed action in October.
- Elon Musk revealed that he holds the meme token.
- Here is what you can expect from the crypto this November.
Dogecoin (DOGE/USD) printed relatively mixed sessions in October. That came as the crypto market recorded price rebounds. The original meme asset surged by nearly 70% from 1 October to 28 October. However, DOGE then plummeted by over 20% from the monthly high.
SHIB Surpasses DOGE
Dogecoin joined the capital markets as a joke some years ago. The coin spent several years before coming into the limelight. Indeed, most individuals did not know about the meme token until 2021, when Tesla executive Elon Musk tweeted about the crypto.
Today, DOGE is among the most popular digital coins you will encounter in the crypto industry. It also grew in size, becoming the 10th largest cryptos in the globe. At the moment, Dogecoin’s market cap stands above $36 billion, more than some of the most recognized assets. For instance, Dogecoin is bigger than Archer Daniels and Delta Airlines.
Dogecoin trended during October sessions when the meme assets enjoyed surging prices. The upswing began when the Tesla CEO tweeted about Floki, his dog. The tweet triggered price actions in the meme coin industry.
Meanwhile, SHIB outperformed Dogecoin. Keep in mind that that Shiba Inu debuted some months ago. The crypto saw a sharp rise, overtaking Dogecoin. For now, SHIB has its value at around $40 billion. That was notable since SHIB developers designed a coin that would compete with DOGE. However, Elon Musk declared that he does not own SHIB. The Tesla executive confirmed holding three cryptos, Bitcoin, Ethereum, and Dogecoin.
In November, market players might focus on meme assets and if they will maintain their bullish actions. History shows that the coins will explore retracements due to profit-taking by investors. So, where will DOGE be in November?
DOGE Price Predication
The 4hr chart indicates that the altcoin faced pressure over the past few sessions due to profit-booking activities by investors. That had DOGE falling towards the 25- and 50-day Moving Averages as the MACD dropped under the neutral territory. The altcoin also printed a descending channel shape.
The prevailing channel mimics a plunging wedge pattern. With that, DOGE will bounce back as market players aim the ATH at $0.3392. Meanwhile, a plunge under $0.25 will cancel the bullish outlook.
