As a seasoned crypto investor with a knack for spotting trends and a portfolio that’s seen more ups and downs than a rollercoaster, I must say, today’s Dogecoin (DOGE) price surge is quite intriguing. The 14% jump in just 24 hours has certainly caught my attention, especially considering the bearish sentiment surrounding meme coins lately.
Today, the value of Dogecoin (DOGE) is exhibiting unusual optimistic energy in the market, with the price experiencing a notable jump of around 14% over the past day. According to CoinMarketCap, the Dogecoin price climbed from a bottom of $0.1105 to a peak of $0.1282, and has now stabilized at $0.1262.
Why is Dogecoin soaring today?
It’s quite unexpected that Dogecoin prices are surging given its gloomy start in today’s market. Initially, it appeared pessimistic. However, the overall sentiment towards meme coins has been declining recently, with fresh participants shifting attention away from them over the last few days.
The rise in Dogecoin’s value appears to be linked to the significant increase in Bitcoin‘s price. With Bitcoin recently breaking through the $68,000 barrier, it is now aiming for the $70,000 mark, a level it hasn’t surpassed since at least June of this year.
If Bitcoin manages to increase in value, the relationship between the two could cause Dogecoin to mirror this trend. Currently, Dogecoin seems poised to overcome the $0.13 resistance point it has struggled with for about a month.
Expecting bull run?
Multiple experts are suggesting that the Dogecoin (DOGE) price could experience an exponential surge, as technical indicators such as the TD Sequential point towards a period of increased buying activity.
Due to a significant surge in Dogecoin’s growth pace, there’s a strong belief that the long-anticipated bull market will eventually kick off. Essentially, increased activity among large investors (Dogecoin “whales”), growing number of active addresses, and wider adoption are expected to fuel a price increase for Dogecoin.
Nevertheless, Dogecoin’s market growth isn’t always smooth, and its price could face temporary drops before rising in the upcoming period. This surge seems to be setting up the digital currency for its anticipated “Uptober” rally.
If it continues at this pace, DOGE may eventually top its 24% monthly growth.
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2024-10-16 17:21