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    Dogecoin ‘god candle’ coming? DOGE price suddenly jumps 10%

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    Dogecoin (DOGE) witnessed a value increase of over 10% within 24 hours, with the most popular meme coin trading at $0.1262 per coin. The rise signified a 44% increase from its value on September 6. The volume of DOGE traded boomed, resulting in $1.8 billion in trading volumes, almost double from the day before and over 165% more than the previous week. As the value grew, DOGE’s total worth surpassed $18 billion, making it the most valuable meme coin globally, according to CoinMarketCap. Analysts suggest potential further growth for DOGE, although a moderate drop could eliminate $1.73 million in long positions.

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    Dogecoin (DOGE), the most popular memecoin out there, is now worth more than 10% what it was just 24 hours ago. Recent activity shows memecoins, in general, are on a bit of a roll.

    Right now, DOGE is trading at $0.1262 per coin. That’s its most valuable since late September, up a whopping 44% from just $0.08888 per DOGE on September 6.

    Interest in trading DOGE is also booming. In 24 hours leading up to October 16, DOGE’s trading volumes hit a high of $1.8 billion. That’s almost double from the day before, and over 165% more than the entire previous week.

    With that grow, DOGE’s total worth also rises. It recently past the $18 billion mark. That makes it the most valuable memecoin in the world right now, according to CoinMarketCap.

    Additionally, DOGE was the most traded memecoin on October 16, beating Pepe by over $600 million in volume.

    So, why is DOGE performing so well right now?

    Several crypto traders think DOGE is set to make a strong recovery from recent lows. An altcoin analyst, who goes by Alstreet Bets, suggested, “Doge is ready to run,” in a post on X on October 16.

    Also, Mikybull Crypto, a crypto technical analyst, showed a chart where DOGE breaks a 180-day downward trend. That suggests DOGE might have potential to hit $0.13 or even $0.14 per coin.

    There’s also a higher chance for a DOGE rally because of some key developments. More people are buying DOGE, particularly around $0.1196 and $0.970 per DOGE. These are levels of recent support. If this keeps up, DOGE could fly up to its high on March 18 of $0.2286.

    However, traders who bet on futures aren’t so optimistic. They calculate that $587,344 is at risk if DOGE recovers to $0.130. A further drop to $0.114 would eliminate $1.73 million in long positions.

    Lastly, the rise in DOGE’s price on October 14 came right after a sharp rise in its open interest (OI). DOGE’s OI was $755.5 million on October 16, or about 27.3% higher than the $593.7 million recorded a day before, on October 15. This suggests sustained optimism and willingness among traders to pay more to maintain their long positions, which could drive DOGE prices even higher.

    A quick reminder, though: all investments carry some risk, so do your homework before putting your money in.

    Source: Cointelegraph

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