Dogecoin (DOGE) is an altcoin which started off as a joke but eventually created a loyal following. The token has often been inside the top 30 coins ranked by market capitalization. The price movement of DOGE has also been impressive in the altcoin news because of the rapid upward and downward moves, which is why one analyst thinks that Dogecoin may be the token to initiate the “altseason.”
Previously, Dogecoin has been the first altcoin to post significant increases. Knowing that October ended in a positive note for Dogecoin as Binance announced the DOGE/USD listing, the price has been increasing. However, this was not necessarily because of the announcement.
Dogecoin may be a token that will initiate a new altseason – and the price looks to have made a bottom as it is in the first stages of a new market cycle. A breakout from the 200-day moving average (MA) would confirm the trend.
According to the cryptocurrency trader @cryptowhitewalk, the price of Dogecoin (DOGE) might fall to around 9-11 satoshis before initiating a new pump. The account outlined the length of every single market cycle until now.
If we take a closer look at the DOGE charts, we can see that Dogecoin may be a token which would initiate a new run.
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According to the analyst @CryptoWhiteWalk, the coin has a chance of rising in the future.
“I’ve mentioned few months back that I want to see single digits for doge maybe around 9-11
chance is still there (however, WEAK) before the annual pump which starts in late December’19,” he wrote on Twitter.
I've mentioned few months back that I want to see single digits for doge maybe around 9-11
chance is still there (however, WEAK) before the annual pump which starts in late December'19 pic.twitter.com/efEPfrIq9n
— Crypto White Walker (@cryptowhitewalk) November 14, 2019
In the first week of September, the price of Dogecoin reached a low of 23 satoshis, combined with an oversold RSI value. Soon after that, we saw a bullish cross in the MACD following it.
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Based on this, it is entirely possible that a new market cycle began with the 23 satoshi low in September.
The Dogecoin news today show that DOGE/USD is at $0.0026 with a small increase on the day. The volume of $73 million being traded in DOGE is impressive and the cryptocurrency is holding the 30th position on the market cap safely.
What’s certain at the end of the day is the fact that the token has been following a descending resistance line since May. The price broke out in September which is why analysts think Dogecoin may be the token that will initiate an upward run.
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