'Ruff' Month? Dogecoin's Price Slid 36 Percent in October

The cryptocurrency's most recent price boom began at the end of August and extended into early September, when its price surged over 160 percent to reach a six-month high of $0.0068 on September 10th, according to data from CoinMarketCap.

Those fortunes reversed in October, resulting in a 36 percent monthly loss that brought the coin's price more than 50 percent below that September high-water mark.

As can be seen in the chart below, these cyclical price movements are nothing new to DOGE. According to data from Coinmetrics.io, DOGE often provides a 30-day return in excess of 100 percent as depicted by the thin orange line.

DOGE's price vs. BTC is comprised of the orange area in the background, which further shows the cyclical nature of its price action.

DOGE was in a slow but steady decline since the month began at a price of $0.0058, until it concluded at a 36 percent lower price of $0.003764.

From open to close, October was DOGE's worst-performing month since last March, when it fell 52 percent.

On August 31, DOGE's price broke bullish out of a falling wedge which set the stage for its latest "Boom" cycle.

As with all of DOGE's boom cycles it eventually topped out on Sept. 10 at the price of $0.007, according to data from Poloniex, and the price began its descent thereafter.

Coincidentally, the 0.618 Fibonacci is located at the same price level as the high of DOGE's previous bull cycles, $0.0041.

If the daily Guppy Multiple Moving Average indicator flips red, it will likely confirm there is more downside action ahead for DOGE, in which case the next Fibonacci retracement of 0.786 near the price level $0.0030 could be looked to for support.