Dogecoin Gains 10% in October; Analysts Predict Major Breakout
Dogecoin's Potential Breakout
- Dogecoin's price remained stable on October 3, amidst a rising crypto market.
- Analysts suggest DOGE is at the lower boundary of an ascending channel since 2016, indicating an accumulation phase.
- A breakout could lead to a historic rise, with some predicting DOGE reaching $1 in Q4.
Institutional and Whale Investments
- Despite daily stability, DOGE has increased by 10% since October started, adding around $3.5 billion to its market cap.
- Significant whale activity was noted, with large investors purchasing approximately 450 million tokens.
- Thumzup Media Corporation invested $2.5 million into Dogehash Technologies to enhance DOGE mining capacity, planning to add over 500 miners.
Technical Indicators
- The Bollinger Bands on the daily chart are tightening, suggesting potential for a price breakout.
- If DOGE surpasses the upper band near $0.288, it could signal bullish momentum.
- The RSI shows neutral momentum; traders should monitor resistance levels at $0.30 and $0.34.
