Dogecoin at Crucial 'Do-or-Die' Juncture by October 23, Analyst Warns
Dogecoin finds itself at a pivotal "do-or-die" moment, with its trajectory through the end of October potentially dictating its performance for the remainder of the year. Crypto analyst VisionPulsed has pinpointed October 23 as a critical date, suggesting the meme coin's ability to hold a key multi-month rising channel will either confirm a significant higher low or signal a more substantial downturn. The current price hovers around $0.183, with the coming days poised to offer a definitive answer to its immediate future.
The Significance of October 23
The analyst's projection stems from a recurring confluence of technical factors. Historically, Dogecoin has consistently tagged a critical channel support trendline while its daily Relative Strength Index (RSI) simultaneously enters oversold territory. This pattern, previously observed in March-April and June, has typically been followed by bullish shifts in macro indicators, specifically the M2 money supply. The upcoming test by October 23 is deemed a binary checkpoint: a successful hold could pave the way for a "bullish push" into year-end, while a breakdown would indicate an end to the current rally attempts, forcing Dogecoin into another "round trip" of consolidation.
Market Seasonality and Future Outlook
VisionPulsed emphasizes that preserving the structural integrity of the rising channel is more important than defending a precise price point within the $0.16-$0.18 range. A failure to maintain this trendline would imply a prolonged bearish phase, possibly extending past the year's end. This analysis aligns with broader market seasonality, where October is often bearish for both Dogecoin and the S&P 500, while November typically marks historical market reversals. The analyst acknowledges Dogecoin's prolonged stagnation, noting its price has largely remained unchanged for nearly three years, making the current inflection point even more critical. Looking ahead, a successful defense of the channel could see Dogecoin grinding back to the top of its range by late November. Conversely, if Dogecoin cannot break out by December, the analyst anticipates another extended "bearish" cycle. Traders are advised to monitor for a potential retest of support this weekend, which could establish a crucial higher low and confirm a reversal, or, if broken, signal a deeper decline. The coin's inherent capacity for rapid mean-reversion, once its structure is respected, remains a factor, but holding key support levels is paramount.
