Dogecoins 28% Weekly Gain Hints at Major October Surge: $0.31 on the Horizon?
Key Takeaways:
- Dogecoin shows a weekly surge of 28%, with bullish indicators despite high market fear.
- Trading volume has risen by 35%, reaching $1.9 billion within the last 24 hours.
- Predictions suggest Dogecoin could reach $0.31 by Octobers end, with potential long-term gains.
Dogecoin is currently priced at $0.141556, showing a 1.77% increase in the past 24 hours. Over the past week, the meme coin experienced a notable 28% rise, boosting its 24-hour trading volume to $1.9 billion, an increase of 35%.
This surge has placed Dogecoin in position #8, per CoinMarketCap, for a market capitalization of $20 billion. Even with the market in a state of extreme fear, as shown by a Fear & Greed Index reading of 30.82, the sentiment for DOGE seems bullish overall.
According to Digitalcoinprice, several indicators suggest that this is an excellent time to invest in DOGE. Most of the indicators have flashed green, which simply means that traders have a good sentiment about the token. While the fear index may show some cautious intent, there is a high chance of recovery yet.
Dogecoin Technical Indicators Show Mixed Signals
On the whole, the highly volatile performance of DOGE faces an increase of 36.72% on a 30-day timeline and gives an ultimate sneak peek into the amount the price may recover. Experts say that the coin would further increase at the end of October to as high as $0.31 for a 114.41% increase.
While the 50-day SMA has begun to curve upward to indicate a potential buy, there is still cause for caution as the 200-day SMA might continue to head lower. At the moment, the forecast has it that DOGE could continue its retreat to $0.13 by the end of December. This mix of bullish and bearish signals makes for a complex outlook for traders considering short-term moves.
Community Bullishness Boosts Long-Term Prospects
Despite some conflicting technical indicators, prominent crypto traders have shown optimism for DOGEs longer-term prospects. In a tweet this week, trader DonAlt compared Dogecoin to Bitcoin within the meme coin space and confidently said it could eventually break through the $1 barrier.
Other analysts note that DOGEs chart currently reflects its 2020 movement, which saw it rebound within higher lows before the breakout. Others thus believe that DOGE is about to witness another euphoric rally amidst signs pointing to a sharp price increase.
As such, many will be waiting to see if Dogecoin manages to hold onto the uptick in pursuit of the projected targets over the coming weeks.
Related Reading | Bitcoin Nears $70K, But Record Open Interest Sparks Liquidation Fears
Read more: https://www.tronweekly.com/dogecoins-28-weekly-gain-hints-at-major-october/
Text source: TronWeekly
