- Dogecoin records 7.47% increase during the overall positive trend in the cryptocurrency market.
- The crypto expert Ali sees a possibility of DOGE going up 300%.
- At the soon-to-be-held payments conference, investors will be listening for the Fed’s signals.
Dogecoin is once again in the green. The meme coin that was initially a joke is now the first among the recovering digital assets. The altcoin, on Monday, surged 7.47% in the last 24 hours and was trading at $0.20, hence, marking the third consecutive day of its rally. It has regained its value from the October 17 low of $0.175, reaching $0.202 before lowering its position.
The wider crypto market remained positive, as it was elevated by expectations of loosening macro conditions. Traders are eagerly looking forward to the Federal Reserve’s payments conference, which will be held in Washington on October 21. A slight indication of a change towards a more accommodating monetary policy could potentially ignite a new wave of risk factor in the market.
DOGE, which has built a faithful community around it and displayed extreme price fluctuations, is now in a very critical position. The bulls are looking at the upper end of the range, whereas the bears are near support areas waiting for signs of weakness.
Also Read: Dogecoin (DOGE) Eyes $0.50 Target as SPAR Switzerland Boost Adoption
Dogecoin Price Outlook: Could It Triple?
The crypto advocate Ali considers Dogecoin might gain up to 300% of its current value. He pointed out on his social media profile (X, then Twitter) that the token had already made a good recovery from an important support level. He then gave three upside price levels for the bulls, $0.29, $0.45, and $0.86. If the price went up to $0.86 from the current price of $0.20, it would be a spectacular boost.
In the meantime, Dogecoin is facing resistance in the short term at its 50-day and 200-day moving averages, which are located at $0.236 and $0.207 respectively. Breaking above the $0.27 mark could pave the way for the next surge.
However, the journey to the top will not be a walk in the park. In case of a general market fall or negative macroeconomic sentiments, Dogecoin may retreat to its support levels of $0.175 and $0.15.
Nevertheless, the market’s mood still indicates a certain hopefulness. The majority of traders think that the most difficult period is over and that the market is getting ready for another upswing.
Dogecoin Shows New Strength
Dogecoin has constantly relied on the unwavering belief of the community and rapid changes in market sentiments. Its comeback this time seems to be based on a mix of technical power and general market optimism.
The market is closely watching the Fed and waiting for its next hint, Dogecoin is the underdog that keeps coming back to limelight and thus all eyes are on it.
Also read: Dogecoin Price Prediction: Breakout Above $0.29 Could Trigger Bull Run to $0.86
