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The post <a rel="nofollow" href="https://coinpedia.org/price-analysis/doge-price-analysis-will-dogecoin-witness-a-rally-this-uptober/">DOGE Price Analysis: Will Dogecoin Witness A Rally This Uptober?</a> appeared first on <a rel="nofollow" href="https://coinpedia.org">Coinpedia Fintech News</a> 
Falling in a constant bearish pit, the DOGE price displays a long-term bear phase in 2023. Losing the early 2023 gains in just 5 months into 2023, the Dogecoin prices recently formed a new closing price of 52-week of $0.0585. 
The ongoing bearish trend puts a dent in any positive <a href="https://coinpedia.org/price-prediction/dogecoin-price-analysis/">Dogecoin price prediction</a> and warns of a delayed bull run. 
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Struggling to sustain above the $0.060 mark, the DOGE price action formed a consolidation range between $0.060 and $0.0644. However, the overhead supply leading to higher price rejections resulted in a bearish outcome.&nbsp; 
With a sharp 3.94% fall forming a bearish engulfing candle, the <a href="https://coinpedia.org/price-analysis/memecoin-price-analysis-is-this-the-right-time-to-invest-in-doge-shib-and-floki-coins/">DOGE price</a> falls below the crucial psychological mark of $0.060. Moreover, the meme coin continues a trend of lower high formations, teasing a prolonged downtrend.&nbsp; 
In the larger picture, the falling wedge traps the Dogecoin price, and the ongoing downtrend continues as a negative cycle.&nbsp; 
Currently, the DOGE price trades at $0.0588 with no significant intraday move apart from a long tail. However, the price action teases a potential morning star to retest the broken range of $0.060. 
Technical indicators: 
RSI indicator: The daily RSI line fails to sustain above the halfway line, giving a false bullish divergence. Currently, the falling RSI crashes under the 14-day SMA and approaches the oversold boundary.&nbsp; 
Exponential Moving Averages: The 50-day and 200-day EMAs maintain a bearish alignment, signaling a bear phase. Moreover, the 50-day EMA continues to keep the bullish growth in check, leading to lower high formations.&nbsp; 
Also Read: <a href="https://coinpedia.org/price-analysis/memecoins-lose-momentum-dogecoin-doge-and-shiba-inu-shib-prices-plunge-aiming-to-hit-the-lower-support/">Memecoins Lose Momentum: Dogecoin (DOGE) and Shiba Inu (SHIB) Prices Plunge Aiming to Hit the Lower Support</a> 
<h2 class="wp-block-heading" id="h-will-the-doge-price-fall-to-0-0550">Will The DOGE Price Fall To $0.0550?</h2> 
With a morning ready to retest the bearish breakout, <a href="https://coinpedia.org/altcoin/dogecoin-community-unveils-statue-of-inspirational-shiba-inu-kabuso-amplifying-meme-coin-momentum/">Dogecoin</a> may struggle for a trend reversal in the coming weeks. However, a bounceback above the $0.60 mark will improve the chances significantly. Until then, the DOGE price can fall to the next crucial psychological support of $0.050. 
Conversely, a jump above $0.060 will increase the Dogecoin price to the $0.065 mark.

DOGE Price Analysis: Will Dogecoin Witness A Rally This Uptober?

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