- Dogecoin price rallies 20% in skyrocket fashion.
- Social media volume remains historically low, which could be viewed as a contrarian bullish signal.
- Invalidation of the bullish trend is a breach below $0.063.
Dogecoin price pulls off an applaudable bull rally after enduring several weeks of resistance.
Dogecoin price skyrockets
Dogecoin price has taken the market by surprise as a stunning 20% rally ensues. On October 25, the bulls breached the 21-day simple moving average (SMA) for the first time in three weeks after many failed attempts.
Dogecoin price currently auctions at $0.069. A massive uptick in volume accompanies the recent uptrend move, while the Relative Strength Index is now in oversold territory daily.
DOGE/USDT 1-Day Chart
While the bull run has created the largest gainer for the Dogecoin price this fall, on-chain metrics show the notorious meme coin may still be in disbelief. Santiment's Social Volume AI calculates all of DOGE's posts on all social media platforms and shows very little discussion around the current uptrend move. This could be viewed as a contrarian bullish sign, as the DOGE community is notoriously known for its getting excited at Dogecoin price near the top of previous bull runs.
DOGE/USDT 1-Day Chart
Considering all these elements, sidelined bulls may still be asleep at the wheel while DOGE aims for higher targets. If market conditions persist, DOGE could rally north to challenge the August highs near $0.09 for an additional 25% hike.
Invalidation of the bullish scenario could arise if the bears breach Wednesday's opening price of $0.0340. An additional downtrend move targeting the October lows at $0.055 could occur. Such a move would result in a 25% decline from the current market value.
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