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Dogecoin (DOGE) surges over 100% as Bitcoin bull run takes BTC to $33,000

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Bitcoin has exploded higher over the past 24 hours yet again, moving higher rapidly after passing the $30,000 price resistance level. As of this article’s writing, BTC trades for $32,000, though moved as high as $33,500 just hours ago. Bitcoin also traded as low as $30,000 two hours ago as a result of a rapid sell-off.

Most eyes are on Bitcoin, though some are on Dogecoin.

The meme cryptocurrency best known for attracting the attention of Elon Musk, CEO of Tesla, is up over 100 percent in the past 24 hours.

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This makes it the best-performing crypto asset of the top 100 digital assets by market capitalization. DOGE now has a market capitalization of $1.5 billion, making it the 24th largest cryptocurrency.

Chart of DOGE’s price action over the past three days from TradingView.com

This appears to be DOGE’s fastest rally ever, outpacing the speed of previous bull market rallies.

Let’s try and take a look at what’s going on

Trying to explain Dogecoin’s 100% rally

While DOGE is up 100 percent in the past day alone, it has gained over 200 percent in the past two weeks.

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This rally appears to be cyclical.

In each one of Bitcoin’s bull markets, DOGE has undergone strong parabolic rallies. Many argue that this is a byproduct of the retail appeal the cryptocurrency has built due to the use of the “Doge” meme, which is almost undying in internet culture.

There is also a technical predicate to this rally.

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Prior to the explosion higher, DOGE was sitting at a crucial technical support against Bitcoin, 15 satoshis. That meant that it cost 0.000000015 BTC to buy one Dogecoin.

This has historically been a support level for the cryptocurrency. In fact, in the past five years, the cryptocurrency has never broken that level.

When the rally began, investors expected a parabolic move higher, as is common when Dogecoin breaks past technical resistance levels.

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The public is taking notice

The public is taking notice of this rally.

The hashtag “#Dogecoin” briefly trended on Canadian and United States Twitter today, garnering tens of thousands of mentions as retail investors shared their thoughts on the cryptocurrency online.

Youtuber “Keemstar” also tweeted about the cryptocurrency, following up on a tweet he made earlier this year about the coin.

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This rally comes shortly after Elon Musk began tweeting about the cryptocurrency again. He once branded the coin his “favorite cryptocurrency” as he has become attached to internet culture.

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Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey

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The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.

The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.

“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”

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The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.

“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”

Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.

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More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.

“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.

Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.

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Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”

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Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.

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  • Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity. 
  • The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines. 
  • The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
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Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.

Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260. 

Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows

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Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.  

Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56. 

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Dogecoin Forecast and DOGE/USD Analysis October 21, 2021

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DOGE/USD are traded at 0.2554 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices went up from the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2425 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3155.

Dogecoin Forecast and DOGE/USD Analysis October 21, 2021

In favor of the growth of the DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2175 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1845. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin.

Dogecoin Forecast and DOGE/USD Analysis October 21, 2021

Dogecoin Forecast and DOGE/USD Analysis October 21, 2021 therefore imply an attempt to correct and test the support area near the 0.2425 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3155. An additional signal in favor of raising Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2175 area. This will indicate a continued decline in cryptocurrency with a target below the level of 0.1845.

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