Dogecoin (DOGE) has surged over 19% in the last 24 hours, reaching an intraday peak of $0.1684. This price increase appears to be influenced by heightened interest in Dogecoin futures, driven by Elon Musk’s recent post on X (formerly Twitter).
As the crypto market enters a strong “uptober” rally, Bitcoin (BTC) has neared the $71.5K mark, its highest since June, boosting several major cryptocurrencies, including memecoins like Dogecoin. Musk’s recent activity, including his appearance at a Trump rally and a humorous meme with the DOGE mascot, has added to the excitement around Dogecoin. Some traders view this rally as connected to Trump’s rising popularity, further amplifying DOGE’s momentum.
Dogecoin’s open interest has surged over 36% within the last day, reaching $1.32 billion. Musk’s proposal for a “Department of Government Efficiency” (D.O.G.E.), aimed at reducing U.S. government spending, has also reinforced the connection between DOGE and current events.
Dogecoin’s Bullish Momentum:
Since bottoming out at $0.106 on Oct 11, DOGE has seen increased volatility and trading volume, reflecting a positive market sentiment. DOGE is currently trading at $0.1656, with a daily trading volume above $3.78 billion, a rise of over 140%.
Technical indicators support this optimistic outlook. TheNewsCrypto suggests that DOGE’s “rounding bottom pattern” may signal a long-term price reversal. The MACD shows strong bullish momentum, with a value of 0.00669 above its signal line at 0.0036. Additionally, Bollinger Bands indicate DOGE is trading above the upper band, showing strong upward momentum that could lead to overbought conditions.
If DOGE sustains its upward path, it may test resistance at $0.1756, with $0.198 as the next target. However, as DOGE is currently overbought, a price correction may occur if traders take profits. In such a case, $0.144 could provide support, with another support level around $0.0786 for potential future corrections.
