October started with a lot of eyes on everyone’s favorite meme coin, Dogecoin. Predicted by many cryptocurrency enthusiasts as the bull month for DOGE, October has remained low-key, at least so far. Starting the month at a stable price of $0.06, similar to its position at the end of September, many investors questioned whether the optimistic forecasts were just distant dreams.
However, the second half of the month brought a sign of hope. Over the past seven days, Dogecoin has seen a modest but notable increase of 3.51%. Not the explosive increase some were hoping for, but definitely a step in the right direction. Ali Martinez, a renowned technical analyst, brought more light to the scenario. In a recent post on Platform X (our beloved alternative to Twitter), Martinez offered an intriguing perspective.
He highlighted that while the $1 target for DOGE may seem a bit ambitious at the moment, a jump to $0.070 is not out of reach. According to his analysis, the key to this move would be a close above $0.062. And guess what? DOGE achieved exactly that.
#Dogecoin appears ready to start a new uptrend!
— Ali (@ali_charts) October 21, 2023
More than just prices, Martinez paid attention to the Tom DeMark Sequential (TD), a technical tool appreciated by many in the cryptocurrency world. He noted positive signs indicating that those seeking quick profits appeared to be withdrawing, giving Dogecoin the room it needed to grow.
An interesting point to consider is the trading volume. Recent data shows volume of 164.28 million, which could bode well for DOGE. If this volume continues to rise and sustains the price increase, reaching the US$0.070 mark by the end of October may not be so unlikely.
At the time of publication, the price of Dogecoin was quoted at US$0.061007, down 0.5% in the last 24 hours.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing or trading cryptocurrencies carries a risk of financial loss.