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Dogecoin (DOGE) shoots 200% higher as WallStreetBets starts to pick up on crypto

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Over the past few months, there have been expectations of an extremely strong Dogecoin (DOGE) rally.

Each and every bull market/trend over the past half-decade plus now has been marked by an extremely strong rally in the DOGE price. It’s a meme-based cryptocurrency of course, though has done really well.

This past day, the rally finally began to play out.

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Per CryptoSlate market data, DOGE has appreciated by over 200 percent in the past 24 hours, pushing from the $0.008 range to over $0.023 right now. The cryptocurrency is currently trading at all-time highs and a market capitalization of $3 billion. The cryptocurrency has seen a strong spike in volume, with over $10 billion worth of DOGE traded across exchanges in the past day.

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Chart of DOGE’s price action over the past 30 hours from DOGEUSD Chart on TradingView.com

The cryptocurrency is now one of the top-20 cryptocurrencies in market capitalization, bypassing a number of DeFi plays.

This rally comes as certain prominent names within WallStreetBets, the famous stock trading subreddit, have begun to touch on the cryptocurrency. One account called “WSBChairman,” who jokes he is the Chairman of the forum, tweeted about DOGE last evening, kicking off a move from the $0.01 range to where it is now.

Below is a screenshot of WallStreetBets’ recent mentions of Dogecoin. They are aiming of buying the cryptocurrency en-masse to trigger a similar move to what has been seen with Gamestop.

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Other investors within the crypto space have also hopped onto the DOGE train. This includes “Cousin Crypto,” a fitness and now crypto-focused social media influencer that has taken Crypto Twitter and Crypto TikTok by storm over the past few weeks. He joked last week that

Start of wider crypto boom?

While Dogecoin’s rally is mysterious to many, some see it as a valid sign that there is growing retail interest in the cryptocurrency market.

Charles J. Read from Rarestone Capital noted that Dogecoin will be “the catalyst for millions of frustrated retail traders to enter the crypto market – it’s like our little Trojan horse in #Robinhood’s dirty castle.”

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Dogecoin has long captured retail interest in the cryptocurrency market as it is based on a popular and often undying meme. Many in the Bitcoin space now have actually cited Dogecoin as a reason why they have entered the cryptocurrency space.

https://twitter.com/chatwithcharles/status/1354887432831971331?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1354887432831971331%7Ctwgr%5E%7Ctwcon%5Es1_&ref_url=https%3A%2F%2Fcryptoslate.com%2Fdogecoin-doge-shoots-200-higher-as-wallstreetbets-starts-to-pick-up-on-crypto%2F

Dogecoin Price Prediction 2021 | 2025 | 2030: Future Forecast for DOGE

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Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

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DOGE/USD are traded at 0.2460 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines again, 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 0.2345 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 0.3205.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

In favor of the growth of 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 0.2105 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 0.1745. 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, which will indicate a breakdown of the upper border of the ”Triangle” model.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021 therefore imply an attempt to correct and test the support area near the 0.2345 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3205. An additional signal in favor of a rise in 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 0.2105 area. This will indicate a continued decline in cryptocurrency with a target below 0.1745.

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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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