Dogecoin Surge Faces Potential Correction Amid Increased Meme Coin Hype

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Cryptodnes2024/10/20 05:42

By:Cryptodnes

Dogecoin (DOGE) has experienced a notable surge over the past six days, hitting a peak of $0.147 during Saturday's trading session.

Although there is potential for more gains, traders and investors may need to exercise caution due to a potential short-term technical warning.

Crypto analyst Ali noted that the TD Sequential indicator, which is used to identify possible trend exhaustion and price reversals, has signaled a sell alert on Dogecoin’s daily chart.

This suggests a brief correction may occur before DOGE possibly continues its upward trend. The recent spike in Dogecoin’s price has been fueled by renewed speculative trading and growing interest.

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Additionally, data from Santiment highlights a significant increase in discussions around meme coins this week. Traders are increasingly engaging in speculative trades with high leverage on meme coins as Bitcoin approaches the $70,000 mark, driving these discussions to their highest levels since May.

This heightened social activity is mirrored in Dogecoin’s performance, which has risen by 31.18% over the week.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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