Dogecoin (DOGE) is ending September with mild bearish momentum, but technical indicators and historical performance suggest the coin could surge in October.
This outlook, shared by TradingShot in a TradingView post on September 30, indicated that Dogecoin has been moving within an upward channel since March, showing a consistent pattern of higher highs and higher lows.
The analyst noted that recent price action has found support along the higher-lows trendline that emerged from the August 3 low, reinforced by the 100-day moving average (MA).
This support level is critical, as maintaining it suggests Dogecoin could test the upper boundary of the channel, aligned with the higher-highs trendline, during October.
To this end, TradingShot’s technical projections indicate that a successful rebound from this level could see Dogecoin reaching a target of $0.32, corresponding to the 1.136 Fibonacci extension of the prior move.
If Dogecoin closes a daily candle above the channel’s upper boundary, it could surge over 100% to $0.41.
Conversely, a drop below the 1D MA100 would signal a bearish reversal, potentially pushing it down to $0.17, reflecting past declines of about 45% from channel lows.
DOGE price analysis
By press time, DOGE was trading at $0.23, having corrected by almost 0.5% in the last 24 hours. On the weekly timeframe, the meme cryptocurrency has plunged almost 5%.
Meanwhile, Dogecoin’s technical structure shows neutrality. At the current price, the token’s 50-day simple moving average (SMA) at $0.2351 serves as immediate resistance, signaling short-term consolidation.
The 200-day SMA at $0.2088 provides solid long-term support, highlighting an enduring bullish undercurrent as the price remains well above this level, avoiding a death cross and hinting at sustained recovery potential.
Complementing this, the 14-day Relative Strength Index (RSI) of 44.78 indicates neither overbought nor oversold territory, suggesting balanced momentum poised for upside if buying pressure builds to breach the 50-day SMA.
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Source: https://finbold.com/analyst-sets-dogecoins-price-for-october/