• Despite its original intention to mock cryptocurrencies, Dogecoin has experienced a non-linear growth of over 150% in just one week from 24 October to 1 November.
• After an extended streak of lower highs and troughs for over a year and a half, Dogecoin has found reliable rebounding support in the $0.052-$0.056 range.
• The bullish resurgence in October has induced a rally that could take Dogecoin’s price towards $0.2.

Despite starting with the intention to mock cryptocurrencies, Dogecoin has come a long way since its launch in 2013. Elon Musk’s never-ending love for Dogecoin, coupled with his Twitter takeover, has helped the meme coin to sway past some critical resistance barriers on its charts over the past two months. This growth has expedited the bullish efforts in shaping the broader narrative to their fancy. Despite the recent gains, DOGE was still down by over 86% from its all-time high in May last year. Thus, a sustained increase in the recently heightened social dominance can uncover an impressive growth potential for the meme coin.

Dogecoin is one of the few altcoins to have found a position above its near and long-term Moving Averages during this crypto winter. After an extended streak of lower highs and troughs for over a year and a half, Dogecoin has found reliable rebounding support in the $0.052-$0.056 range. The coin’s turnaround from this support range halted the bearish efforts in finding fresher lows since late October this year. In doing so, the buyers induced a push above the 19-month trendline resistance (white, dashed) and flipped it to support. Consequently, DOGE accelerated above its 50/200-day Exponential Moving Averages to depict a robust buying edge.

The bullish resurgence in October induced a rally that could take Dogecoin’s price towards $0.2. After breaching the 19-month trendline resistance, the white dashed line has held its ground in the following sessions. The price is yet to flip this line to support, which could help in propelling the prices towards the next resistance at $0.078. If the bulls manage to flip this level to support, the meme coin could find itself in a better position to reach the $0.2-mark in the upcoming months.

In conclusion, it is not too late to invest in Dogecoin. Despite the recent gains, Dogecoin is still down by over 86% from its all-time high in May last year, thus presenting investors with an opportunity to buy and benefit from the bullish resurgence in October. If the bulls manage to flip the 19-month trendline resistance to support, and the meme coin continues to stay above the 50/200-day Exponential Moving Averages, then Dogecoin could reach the $0.2-mark in the upcoming months.