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Dogecoin started the month with a 12% rise, strengthening its market-moving reputation throughout the current month. The coin is almost 5% up within the last 24 hours, placing the currency within the ranks of top-performing coins in the digital asset market.
On the hourly chart, Dogecoin prices attempted to push new resistance at $0.2588 but retraced after a failed breakout, depicting some short-term volatility. Should such downward pressure continue, the token may get pushed down to test support at $0.25, a level that market participants now see as critical in determining whether further extended gains or deeper retracement will occur.
Meanwhile, the daily chart shows that DOGE has recently surpassed resistance at $0.2438, suggesting that momentum could be intact. From here on, the next strong resistance would be around $0.27, as long as buyers defend $0.25; the technicals suggest further accumulation between $0.24 and $0.27.
Market data indicates that Dogecoin remains in an accumulation phase, as highlighted by several analysts. Ali Martinez, a well-followed market strategist, noted that DOGE has traded within a long-term ascending channel since 2016. According to his assessment, the current price action aligns with the lower boundary of this channel, a typical accumulation zone.
This trend has raised expectations for a potential breakout, with many traders targeting $1 for DOGE in the fourth quarter. Bollinger Bands on the daily chart exhibit tightening patterns, indicating an impending move. A confirmed breakout above $0.288 could drive bullish momentum, while the $0.216 area serves as a major support if the price declines.
The Relative Strength Index (RSI) currently indicates neutral momentum, leaving room for further upside. Resistance at $0.30 and $0.34 remains key for traders monitoring upward targets.
Institutional interest in Dogecoin has also grown. Nasdaq-listed Thumzup Media Corporation recently announced a $2.5 million investment in Dogehash Technologies. The funds will expand Dogecoin mining capabilities, adding over 500 miners to bring the total fleet above 4,000 units. This move strengthens mining infrastructure and signals growing confidence in the asset’s long-term viability.
Whale activity has also intensified. Large investors accumulated roughly 450 million DOGE in late September, when the token was trading near $0.22. Since then, the price has risen more than 10%, adding approximately $3.5 billion to its market capitalization.
Also Read: Crypto Prices Today: Bitcoin Price Crosses $120,000; XRP at $3.02, Dogecoin Rises 2.69% to $0.26
With technical levels holding and institutional support increasing, Dogecoin’s performance in October is attracting attention. The price structure suggests consolidation within a defined range, but accumulation signals point toward the possibility of a larger breakout later this month.
For the short term, market watchers remain focused on the $0.25 support zone and the $0.27 resistance level. If DOGE maintains its current trajectory, October could become a pivotal period for the meme coin’s next major move.
