Market Analysis

Aggressive 12% Jump in Dogecoin: Fear/Greed Index Reveals Bullish Sentiment Secrets

This week, Dogecoin has put up outstanding numbers and surged to an intraday high of $0.06525 on Tuesday. The cryptocurrency was able to surpass a critical resistance level at $0.0640 thanks to its big rise.

Notably, Dogecoin has not achieved such heights since August 31, therefore this price breakthrough was a major accomplishment. The cryptocurrency’s astonishing recovery from a low of $0.06068 revealed a resurgence in investor enthusiasm, highlighting the market’s volatile and frequently surprising nature.

This incident also served as a reminder of Dogecoin’s capacity to draw traders and investors in during this time of heightened market activity and convince them to join the fray.

Dogecoin: Market’s Turning Towards the ‘Greed’ Zone

The Dogecoin Fear and Greed Index has a current score of 71, which indicates that the market may be moving into “greed” area, according to a recent X post by @DogecoinFear.

The fear and greed index for dogecoin is 71. pic.twitter.com/TEgVW6MunR

— (@DogecoinFear)’s Doge Fear and Greed Index October 24, 2023

The word “greed” here refers to a strong desire for financial gain. A high ranking on the Dogecoin Fear and Greed Index, such as the 71 stated, indicates that many investors are largely driven by the desire to make significant financial profits. Concerns about potential overvaluation or an impending market correction may arise as a result of this increased “greed” mentality.

For those who are interested in cryptocurrencies, this intriguing indicator is important since it may signal a coming market correction.

On the other hand, if the index slips into the “Fear” zone, that may be a sign for investors to view the situation as a buying opportunity.

Data from cryptocurrency market tracker Coingecko reveals that at the time of writing, DOGE was trading at $0.066, down 2.8% in the previous 24 hours but still maintaining a strong 12% rise in the previous seven days.

The market value of DOGE is approximately $9.3 billion. TradingView.com chart

Recent X articles by cryptocurrency analysts have stated that they think DOGE will eventually hit the astronomical $1 objective. According to Ali Martinez, a cryptocurrency specialist, Dogecoin is about to reach the pinnacle of a multiyear slipping triangle pattern.

This pattern frequently acts as a technical signal that suggests a possible bullish breakout. The cryptocurrency community has been quite interested in and speculative about the $1 target for DOGE, and these observations from analysts add to the excitement regarding Dogecoin’s price trend.

Bullish Signal for DOGE: Active TD Sequential Indicator

The Tom DeMark (TD) Sequential indicator recently displayed a bullish signal for DOGE, according to Martinez’s analysis. The TD indicator tracks a series of price points to detect probable trend reversals.

It looks like #Dogecoin is about to enter another rise!

On the $DOGE weekly chart, the TD Sequential displayed a buy signal. An increase to $0.070 may follow a prolonged closure over $0.062. pic.twitter.com/XAGjXHMiOe

— Ali, October 21, 2023 (@ali_charts)

The expert said:

Dogecoin looks like it’s about to enter a fresh upsurge! The DOGE weekly chart displayed a buy signal from the TD Sequential.

A prolonged close above the critical resistance level at $0.062 has the potential to cause a significant increase in Dogecoin’s value, maybe pushing it towards the $0.070 level, he continued. This significant development can indicate a change in market attitude, luring additional traders and investors who see room for future profits.

Surpassing such resistance levels frequently indicates a resurgence in interest and purchasing activity in the bitcoin market, making it a key technical milestone to keep an eye on.

(The information on this website is not intended to constitute investment advice. Investments come with risk. Your capital is at danger when you invest).

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