. Daily Crypto Analysis - Doge Day, 50% Price Surge Sparks Enthusiasm

Daily Crypto Analysis – Doge Day, 50% Price Surge Sparks Enthusiasm

Daily Crypto Analysis – Doge Day, 50% Price Surge Sparks Enthusiasm

02 Nov 2023

Introduction:

In the world of cryptocurrencies, Doge coin is showing signs of a potential 50% rally as the crypto community celebrates its first-ever “Doge Day.” This surge in sentiment is tied to Kabosu’s birthday, the Shiba Inu behind Doge coin’s inception, and is expected to boost positivity among DOGE holders. Technical indicators further suggest a substantial price increase for this meme-based cryptocurrency. Meanwhile, developments in the broader crypto market include Bitcoin’s price holding above $35,500, supported by the Federal Reserve’s unchanged interest rates, and XRP aiming for a rally past $0.700 after a breakthrough following a ten-week barrier.

Doge coin:

Dogecoin hints at 50% rally as sentiment improves in first-ever Doge Day.

Doge coin’s price might experience an upswing in celebration of Kabosu’s birthday, the Japanese Shiba Inu that served as the inspiration for this meme-based cryptocurrency.

This canine birthday event is expected to enhance positive sentiment within the DOGE holder community. Technical indicators suggest the possibility of a 50% price surge in the meme coin.

News and positive advancements within the ecosystem often serve as a trigger for changes in the asset’s price. Given that the price movements of meme coins are primarily swayed by the sentiments of their holders, an occasion like DOGE Day holds the potential to ignite a positive outlook for the asset.

Technical Overview:

Moving Averages:

Exponential:

  • MA 5: 0.063 | Positive Crossover | Bullish
  • MA 20: 0.063| Positive Crossover | Bullish
  • MA 50: 0.061| Positive Crossover | Bullish

Simple:

  • MA 5: 0.063 | Positive Crossover | Bullish
  • MA 20: 0.063| Positive Crossover | Bullish
  • MA 50: 0.060 | Positive Crossover | Bullish

RSI (Relative Strength Index): 56.6| Buy Zone |Bullish

Stochastic Oscillator: 73.51| Buy Zone | Positive

Resistance And Support Levels:

  • R1: 0.064| R2: 0.072
  • S1: 0.058| S2: 0.052

Overall Sentiment: Bullish | Market Direction: Buy

Trade Suggestion: Stop Buy : 0.066 | Take Profit: 0.072 | Stop Loss: 0.062.

Elsewhere In the Crypto Market

Bitcoin’s price remained higher than $35,500 after the Federal Reserve’s choice to keep interest rates unchanged. XRP’s price is aiming for a rally towards $0.700 after effectively breaking through a barrier that lasted for ten weeks.

Bitcoin down (0.25%) at 35355.00, Ethereum down (0.69%) at 1,835.3, Litecoin up (0.3%) at 70.18, Solana up (10.56%) at 43.65, Doge coin up at (0.67%) at 0.69 as of writing time.

Key Economic Events & Data Release Today:

(USD) FOMC Press Conference at 00:00.

(GBP) BOE MPC Meeting Minutes at 17:30.

(GBP) BOE Interest Rate Decision (Nov) Forecast 5.25%, Previous 5.25% at 17:30.

(USD) Initial Jobless Claims Forecast 210K, Previous 210K at 18:00.

(GBP) BOE Gov Bailey Speaks at 19:45.