The Dogecoin (DOGE/USD) had a relatively mixed October as cryptocurrency prices rebounded. The token jumped by about 70% from October 1 to October 28th. It then declined by more than 20% from its highest level during the month.
Shiba Inu passes Dogecoin
Dogecoin is a cryptocurrency that was started as a joke a few years ago. The coin then spent years behind the scenes. Not many people knew about it until early this year when Elon Musk started tweeting about it.
Today, Dogecoin has become one of the most popular cryptocurrencies. It has also grown in size and become the 10th biggest cryptocurrency in the world. It has a total market capitalization of more than $36 billion, making it bigger than some of the best-known companies in the world. For example, it is bigger than Delta Airlines and Archer Daniels.
Dogecoin came into the spotlight in October as the so-called meme coins surged. The rally started when Elon Musk sent a tweet about his dog, Floki. The tweet led to a frenzy in the meme coin industry.
The best performer became Shiba Inu, a coin that was launched a few months ago. It jumped sharply and managed to overtake Dogecoin. It is now valued at almost $40 billion. This is notable since Shiba Inu was started with the goal of being an alternative to Dogecoin.
Meanwhile, Elon Musk confirmed that he did not own any Shiba Inu. Instead, he owns only three cryptocurrencies including Dogecoin, Bitcoin and Ethereum. Musk is an important person in crypto because of his net worth, which is more than $315 billion.
In November, focus will remain on the so-called meme coins and whether they will continue the bullish run. History suggests that these coins will likely have a small pullback as investors rush to take profit. So, what next for DOGE price in November?
Dogecoin price prediction
The four-hour chart shows that the Dogecoin price has been under pressure lately as investors rush to take profit. As a result, the coin has fallen to the 25-day and 50-day moving averages while the MACD has managed to drop below the neutral level. It has also formed a descending channel pattern that is shown in black.
This channel resembles a falling wedge pattern. As such, I suspect that the DOGE price will bounce back as investors target the all-time high of $0.3392. On the flip side, a drop below $0.25 will invalidate the bullish view.
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