Dogecoin Soars 30% in Week, Fueling Uptober Rally
Dogecoin rose 1.77% to $0.141556 in the past 24 hours. The meme currency rose 30% in a week, boosting its 24-hour trading volume to $1.9 billion and 35%.
Positive Sentiment and DOGE Ascendants
Market experts say there are many signs that DOGE is a good investment. Several technical signs have turned green, signaling traders predict bright future for the cryptocurrency, according to Digitalcoinprice. The cryptocurrency is up 37% in 30 days. The cryptocurrency may rise further, according to estimates.
Buyers may benefit from the rising 50-day Simple Moving Average curve, which is a strong bull trend indicator. The 200-day SMA is falling, thus traders are holding back.
Some say DOGE might reach $0.13 before the year closes. Overall, there is unanimity that the coin's medium-term trends are remain good.
DonAlt and other top cryptocurrency traders think Dogecoin might reach $1. Crow notices Dogecoin's rare triangle formations in its price chart, which show consolidation from 2014 to 2021 and may herald a breakthrough.
Crypto trader Kevin noted a 3-day Dogecoin flip. This technical indicator predicts a bullish cryptocurrency trend. An indication like this caused a 210% price rise for DOGE.
Dogecoin may follow Bitcoin into a discovery phase, Kevin said. He also cited DOGE's imminent weekly chart “golden cross”, which signals more gains.
Elon Musk still affects prices. A fleeting statement from the “US Department of Government Efficiency” (D.O.G.E) boosted prices. Political participation in current news complicates matters.
Analysts believe Musk's influence and affiliation with pro-crypto US election contenders like former President Donald Trump would boost DOGE's value.
