Dogecoin has experienced a minor correction after a significant 48% rally earlier in October, dropping over 9.5% from a local high of $0.149 on October 21. As of October 23, DOGE's price stands at $0.135, which marks its lowest point in a week, attributed largely to profit-taking amidst a growing risk-off sentiment among investors. The decline aligns with DOGE's daily Relative Strength Index (RSI) crossing above 70, signaling an overbought state that often leads to corrections. Historical trends show that past instances of the RSI reaching this threshold resulted in sharp price pullbacks. Furthermore, a potential golden cross formation in its key exponential moving averages (EMA) is noted, typically viewed as a bullish indicator, but past occurrences led to price declines instead of gains. The ongoing price drop also mirrors rising US Treasury yields, which raises concerns that investors may prefer safer, yield-bearing assets over volatile cryptocurrencies like Dogecoin. This combination of factors suggests that continued selling pressure may persist, with predictions of a potential drop to roughly $0.111 in November.

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