Dogecoin Rockets 30% In A Week, Sparking Hype For Uptober Rally

At press time, Dogecoin was found to have gained significantly as it jumped to $0.141556 following a 1.77% growth that occurred within the last 24 hours. In a week, the meme coin has gone pretty high at a 30% increase which propelled its 24-hour trading volume to $1.9 billion with an upsurge of 35%.

According to market analysts, there are a number of indicators that show it is the right time to invest in DOGE. As observed by Digitalcoinprice, several technical signals have already turned green, indicating traders see brightness in the future of the token. The coin has risen by 37% in the last 30 days. The forecasts hint that the coin might go even higher.

One of the strongest indications of the bull trend is the curve of the 50-day Simple Moving Average going upward, which may be a good period for buyers to get in on the action. However, the traders are holding back as the 200-day SMA is going down.

As reported by some, DOGE may even go to $0.13 before the year ends. Nevertheless, on the bigger picture, there is still a consensus over the fact that it is still moving in a positive direction for the medium-term trends of the coin.

Other high-level cryptocurrency traders also, such as DonAlt, believe that Dogecoin has the makings of being bullish and can potentially exceed the $1 mark. Analysts like Crow see the occasional triangular patterns of Dogecoin in its price chart that reflect phases of consolidation from 2014 to 2021 and can indicate a breakout.

Dogecoin is like Bitcoin of the meme coins!

You don’t like it? Too bad, you don’t matter.$DOGE is going to $1. pic.twitter.com/mr5tVxFS2c

— CROW (@TheCrowtrades) October 18, 2024

Crypto trader Kevin has highlighted a recent 3-day flip in Dogecoin. According to this technical indicator, the cryptocurrency is supposed to trend in the positive direction. In the past, such an indicator resulted in a huge price rally; DOGE had a 210% rally once such a signal appeared.

The last time #Dogecoin flipped the 3 Day super trend and created a buy signal #DOGE pumped 212%. I think we can see something similar if not bigger this time around especially if #BTC enters into price discovery pic.twitter.com/azHFpo1plo

— Kevin (@Kev_Capital_TA) October 19, 2024

Kevin suggested that if Bitcoin falls into a discovery phase then it’s likely Dogecoin will follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for DOGE to continue upward.

Meanwhile, it’s still Elon Musk that influences these price movements. A passing comment by the “US Department of Government Efficiency” (D.O.G.E) has caused a price surge. Adding to this complexity is his political involvement in recent news.

Analysts feel Musk’s overall influence and association with pro-crypto US election candidates such as former US President Donald Trump will aid in an increase in value for DOGE.

Featured image from Techopedia, chart from TradingView