Dogecoin's long-term chart suggests that the token is at the beginning of a big up-cycle, with the upcoming election also boosting interest in the token.
The Dogecoin price has risen by 0.5% in the past hour, recovering to $0.1391 after the cryptocurrency market as a whole slipped by just under 0.5% in the past 24 hours.
DOGE is now up very slightly in the past day and up by 3% in a week, with the evergreen meme token also sitting on a 27% increase in a month.
The coin’s move into stronger short- and medium-term positions is now leading some analysts to predict that it has begun a long-term uptrend, one which could send it into whole dollars, if not higher.
And while a target of $10 is wildly optimistic, overall market trends and DOGE’s oversold position would suggest that gains are coming soon.
DOGE’s resistance (red) and support (green) levels are converging each other, forming a pennant that often results in a big breakout.
The past few days have also seen the coin’s relative strength index (purple) seesaw from almost 30 to nearly 50 today, a sign that buyers are returning to the coin.
It’s also encouraging that DOGE’s trading volume is pretty high at $1.3 billion, which is more than what we see for Shiba Inu (SHIB), for example, which is at only $300 million today.
Still, DOGE and the wider market are in good positions, with the Dogecoin price likely to hit $0.20 by the end of November.
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