Will Dogecoin’s ‘Uptober’ make a late showing?
- Technical outlook indicated that DOGE could rise to $0.070.
- Even though traders are targeting a higher range, the broader market remains on the qui vive.
It’s less than 10 days to the end of October, and the initial projections that Dogecoin’s [DOGE] performance would blast through the roof have not seen the light of day. At the time of writing, the price of the coin was $0.06— a similar value to what it was when the month started.
Read Dogecoin’s [DOGE] Price Prediction 2023-2024
However, in the last seven days, Dogecoin has been showing signs of a sustained uptick, even though it was a mild 3.51% hike. However, according to technical analyst and trader Ali Martinez, that may not be the end for DOGE, and the drums of “Uptober” may become louder.
Leftovers yet to be picked
Martinez, in his post on X (formerly Twitter), noted that DOGE may not be able to hit $1 as projected in some corners. Furthermore, he mentioned that the Tom DeMark (TD) sequential presented a buy signal that could push the meme to $0.070.
#Dogecoin appears ready to start a new uptrend!
The TD Sequential presented a buy signal on $DOGE weekly chart. A sustained close above $0.062 could result in an upswing to $0.070. pic.twitter.com/XAGjXHMiOe
— Ali (@ali_charts) October 21, 2023
From the post above, he also added a condition that DOGE would only hit the price if it closes above $0.062. The TD sequential is a technical tool used to identify trend exhaustion and potential price reversal.
The chart shared by Martinez showed that sellers who were involved in quick profit-taking are now fatigued. Hence, Dogecoin could be ready to go in the direction that the bulls desire.
At press time, DOGE had closed above $0.062. This increase meant that the chances of a continuous uptrend have been kept alive.
When considering the volume, on-chain data showed that it had risen to 164.28 million. Should the volume continue to increase and back up the price rise, DOGE might inevitably hit $0.070 before October ends.
Source: Santiment
Caution laced with dogma
However, a section of the market seems to be wary of Dogecoin’s movement, as indicated by the Weighted Sentiment. Over the last seven days, DOGE’s Weighted Sentiment fell to -0.629.
The Weighted Sentiment is the median of the optimistic and pessimistic views about a project based on social comments.
Therefore, the value mentioned above depicts how the broader market may have concluded that Dogecoin might not end October on a great note. This perception was, however, countered by traders. These traders put their thoughts into action, as shown by the Funding Rate.
Is your portfolio green? Check out the DOGE Profit Calculator
Funding Rates are fees paid between traders depending on the position held. A positive Funding Rate means longs are paying shorts, and the average position is bullish. On the other hand, a negative Funding Rate means there are more bearish positions held in the market.
Source: Santiment
With the metric at 0.002%, traders are betting on the DOGE price action to move in the upward direction. From the data at press time, the positions held were targeting a high of $0.080.
