Dogecoin Price Prediction: Can DOGE Repeat Its 2021 Uptober?

Will Dogecoin Repeat 2021 Surge in Uptober and Break $0.30?

Dogecoin's price has recently caught the attention of traders and analysts, with many wondering if the cryptocurrency can repeat its incredible performance from 2021.

In late January of that year, Dogecoin's price skyrocketed by 423% in just one day. With the "Uptober" season approaching, there are growing speculations about whether Dogecoin can replicate that same explosive growth once again.

Can Dogecoin Price Revisit Its All-Time High?

Dogecoin price touched its all-time high of $0.7376 on May 8, 2021. Since then, the price has been in a sharp decline, with the current price 68.58% lower than that peak. Despite this big dip, the cryptocurrency remains a source of interest. Many traders are now searching for possible indications that Memecoin would make a comeback.

Source: X-post

Some analysts are convinced that the Memecoin price is following a pattern that may result in another rally. Past market behavior has shown that after steep declines, Dogecoin has occasionally experienced substantial price increases. 

Current chart patterns indicate that we can expect a 30-40% return in the next months, particularly in October, which has been called the Uptober, due to the market's potential for growth.

Although it's never certain when it comes to predicting cryptocurrency prices, the patterns and forecasts indicate that Meme Coin could be on the brink of a surge. With the interest in the asset increasing and an optimistic outlook for "Uptober", there is a real chance for Dogecoin to once again seize the spotlight and shock the market with a price spike.

Can DOGE Break Above $0.25 or Face a Bearish Reversal?

As of the reporting time, the DOGE price hovered at $0.22982, showing a slight decrease of 0.47% over the last few hours. 

Dogecoin has been volatile over the past week, with a spike earlier. It briefly spiked above $0.27 before backing down to its current level.

This steep growth and the leveling of the values to the present value, and a couple of consolidation days, indicate that the cryptocurrency is stabilizing.

The Relative Strength Index (RSI), currently at 44.57, shows that the asset is neither overbought nor oversold and that there could be a possibility of more balanced trading in the near term.

In the chart below, the MACD line is slightly below the price chart and is just above a bearish crossover. The signal line (orange) is above the MACD line (blue).

Source: DOGE/USD 4-hour chart: Tradingview

If the price falls below our current support of $0.22, there is still some way to go, and the next support could be around $0.20. A breach of this to the downside might indicate more downside momentum, particularly if the volume continues to rise on downswings.

On the positive side, if DOGE is able to force a breakout from the current resistance level around $0.25, then the likely target would be $0.27, where the last peaks were formed. A breakout above $0.27 would be a strong bullish reversal and could bring the price to the $0.30 level.