Is Dogecoin Price Overbought After a 30% Weekly Surge?

The ‘Uptober’ has recently returned to the crypto market as the leading digital asset, Bitcoin, hasting towards $70,000.

The Dogecoin price pulled back slightly on Sunday after a strong recovery last week. The coin, which had slipped 2% during the session, was now trading at $0.141. This follows a 42.2% growth from $0.103 to $0.145.

Dogecoin now eyes $0.130 support after a slight pullback from overbought conditions.

After showing signs of exhaustion following a 30% weekly surge, the coin encountered resistance at the $0.14 level. This pulled the coin back slightly from overbought conditions, giving buyers another chance to regain momentum.

The recent rally was largely driven by Billionaire Elon Musk’s mention of “D.O.G.E.” during a Trump campaign event in Pennsylvania. This helped the coin sustain a breakout from the resistance trendline of a symmetrical triangle pattern that had been forming since August 2024.

The chart setup drove a steady consolidation resonating between two converging trendlines, meant to recuperate the bullish momentum. However, the coin price stretched too far from the Exponential moving average, indicating the buyers have overextended the recovery trend, which now needs a correction.

After pulling back from overbought conditions, the coin was now eyeing support at $0.130. This level coincides with the breach triangle resistance, which if broken could lead to further declines.

After pulling back from overbought conditions, Dogecoin was now eyeing support at $0.130.

A potential pullback could see the asset plunge 12% down to retest the breach triangle resistance at $130. This support, if broken, could lead to further declines.

On the other hand, if the coin manages to sustain its recent breakout, the buyers could drive a rally to nearly $2 level, accounting for 50% growth potential.

The ‘Uptober’ has recently returned to the crypto market as the leading digital asset, Bitcoin, hasting towards $70,000. Among top altcoins, the Dogecoin price showed a high momentum from $0.103 to $0.145, for 42.2% growth.

Elon Musk’s influence mainly drove this recovery after he mentioned “D.O.G.E.” during Trump’s Pennsylvania campaign event. Furthermore, the Dogecoin price prediction shows a decisive breakout from the resistance trendline of a symmetrical triangle pattern intact since August 2024.

The coin price stretched too far from the Exponential moving average, indicating the buyers have overextended the recovery trend.

The chart setup drove a steady consolidation resonating between two converging trendlines, meant to recuperate the bullish momentum. However, the coin price stretched too far from the Exponential moving average, indicating the buyers have overextended the recovery trend, which needs a correction.

By press time, the DOGE price had traded at $0.14, while the market cap had rallied to $20.68 billion.

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