Dogecoin (DOGE), the OG meme cryptocurrency, paved the way for the arrival of an array of meme coins. Despite this, DOGE has continued to hold a stronghold in the market. The asset is now the largest meme coin, with a market cap of $15.59 billion. The asset has bulls backing it to continue its surge into October, with Q4 bringing huge gains.
Several key technical indicators are pushing experts to consider DOGE’s future bullish. Market watcher Ali Martinez recently highlighted a key factor that can push DOGE up toward a doubling-price rally. Dogecoin’s weekly chart shows that the Moving Average Convergence Divergence (MACD) indicator signals a potential bullish crossover. This crossover could spark the rally, according to Martinez.
“The last two times #Dogecoin $DOGE had a MACD bullish crossover on the weekly chart, it rallied 90% and 180%, respectively,” Martinez said on October 1. “A new MACD bullish crossover could be forming soon!” If Dogecoin surges by 180%, the token could trade at $0.29.
Dogecoin On-Chain Performance Supports Bullish Beliefs
Furthermore, Dogecoin’s past performance and community-driven momentum support the analyst’s assertion. Various prediction websites also believe that DOGE might have a fairly positive month in October. Changelly noted that the OG meme coin will surge to $0.128 in October. In addition, the lowest that DOGE might trade at is $0.107. Dogecoin’s average trading price was set at $0.117 for this month.
On-chain activity has been on the rise in the last few weeks, further backing this bullish possibility. Martinez added in a related post that there has been a significant spike in active Dogecoin addresses over the past six months. This figure hit 84,306 on October 2, according to data sourced from the crypto analysis platform Santiment. Data also reveals that 63,689 DOGE addresses transferred coins in just three days. This is the biggest stretch since April 2-4, highlighting significant movement on the network.
Also Read: Dogecoin Set to Skyrocket if Bitcoin Hits $150K – Don’t Miss Out!
Dogecoin hasn’t managed to breach $0.20 since the end of March, following a huge market bull run. August proved especially difficult for the asset, as the entire crypto market suffered. Fortunately, September brought an overall rebound, in part thanks to Bitcoin performing well; the rebound of crypto ETFs; and a Fed interest rate cut. An 18% surge would be greatly welcomed by DOGE holders, as that would successfully breach the $0.20 level.
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