The Dogecoin price had a relatively mixed month in October. Elon Musk revealed that he owned the meme coin. We explain what to expect in November of this year. The Dogecoin (DOGE/USD) had a relatively mixed October as crypto prices recovered. The token is up about 70% from October 1 to October 28. It then fell more than 20% from its highest level during the month.
Shiba Inu Passes Dogecoin
Dogecoin is a cryptocurrency that started as a joke a few years ago. The mint has subsequently 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 to become the 10th largest cryptocurrency in the world. Prediction Cardano price is positive. It has a total market capitalization of more than $36 billion, making it larger 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 limelight in October as so-called meme coins soared. The rally started when Elon Musk tweeted about his dog Floki. The tweet sparked a frenzy in the meme coin industry.
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Overtake Dogecoin
The top performer was Shiba Inu, a coin launched a few months ago. It jumped sharply and managed to overtake Dogecoin. It is now valued at nearly $40 billion. This is noteworthy because Shiba Inu was started with the aim of being an alternative to Dogecoin.
Meanwhile, Elon Musk confirmed that he did not own a Shiba Inu. Instead, he only owns three cryptocurrencies, including Dogecoin, Bitcoin, and Ethereum. Musk is a major figure in crypto due to his net worth, which is over $315 billion.
In November, the focus remains on the so-called meme coins and whether they will continue the bullish run. History suggests that these coins are likely to have a small pullback as investors rush to make a profit. So, what now for the DOGE price in November?
Dogecoin price prediction
The 4-hour chart shows that the Dogecoin price has been under pressure lately as investors rush to make a profit. Renovato.io cryptocurrency has enough information. As a result, the currency has fallen to the 25- and 50-day moving averages, while the MACD has managed to move below the neutral level. It has also formed a descending channel pattern which is shown in black.
This channel resembles a falling wedge pattern. As such, I suspect DOGE price will bounce back as investors target its all-time high of $0.3392. On the downside, a drop below $0.25 will invalidate the bullish opinion.