Along with many other cryptocurrencies, Dogecoin (DOGE) has been experiencing a significant rally in the final days of October. The rally, spearheaded by Bitcoin (BTC) touching $35,000 for the first time in well over a year, has traders and investors wondering if the good times are about to begin again for Dogecoin.
Seeking to answer this burning question – particularly with regard to the world’s foremost meme coin – Finbold has consulted the algorithms of PricePredictions, a cryptocurrency forecasts and analytics platform.
According to data available on November 1, DOGE will be slightly above its current price at the time of publication and stand at $0.069 on November 30.
If PricePredictions’ forecast – based on a wide array of technical analysis (TA) indicators like average true range (ATR), relative strength indicator (RSI), Bollinger Bands (BB), and moving average convergence divergence (MACD) – is correct, DOGE will remain relatively stagnant compared to its November 1 price of $0.066 and below its October 26 high of $0.074.
Dogecoin rumored to be part of Musk’s plans for X
Elon Musk has been floating around the idea of turning X into an everything app in the vein of WeChat since before he completed his acquisition in late 2022. More recently, he stated his intention to turn his social media website into an app to fulfill all of its users’ financial needs effectively replacing banks.
While there has been no official confirmation that DOGE is a part of the billionaire’s plans, some have speculated that it will be included in some way.
Musk is a known fan of Dogecoin whose sense of humor seemingly aligns well with the meme coin. This was best exemplified by the billionaire’s April move to temporarily replace X’s symbol with an image of a Shiba Inu (SHIB). The event also highlighted Musk’s ability to affect the market as it gave a significant temporary boost to DOGE’s price.
Additionally, in late August, it was revealed that Elon Musk has also been providing financial support for Dogecoin behind the scenes for some time. All in all, there is a decent chance that the billionaire’s actions with regard to the meme coin – real or perceived – may have a significant impact on the price of DOGE in November.
DOGE price chart analysis
Dogecoin has certainly made significant moves in the current crypto rally. This is reflected in its current price of $0.0666 – a 6.16% increase since October 1. Over the previous 24 hours, however, it has proven somewhat more timid falling 5.07%% from its October 31 high of $0.0707.
Ultimately, while DOGE has experienced a significant surge and a first major rally since August, it remains uncertain if it will manage to break out or if it will indeed land on the machine-predicted price of $0.069 on November 30.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
