Cryptocurrency

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Dogecoin

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 <p class="paragraph">Dogecoin (DOGE) has been stuck in a trading range for the past few weeks, lacking the catalyst needed to break free amid a sluggish crypto market.&nbsp;</p>
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 <p class="paragraph">However, today, October 23, marked a possible turning point as cryptocurrencies surged, led by Bitcoin’s (BTC) impressive gains, reaching over $30,600.&nbsp;</p>
 <p class="paragraph">In this renewed optimism, DOGE is the standout performer among the top 10 cryptocurrencies by market cap, surging 4.9% to $0.063 in the last 24 hours leading the 24-hour daily gains.</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/rHOQMJG3N0TQI-wE4TZs1umymghmPQ25hcgES-hyVOYwumjxBuq4XsIp251V-_ZRpVrOYqH3gSVb793DU9NnyylMgj36H4HDKdki3Of8NHrSfYHEywX67YsvYnwuA8C1C3uO3IyRmDzxkcpbRaGzCWU" alt>
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   DOGE’s 24-hour performance compared to other top 10 crypto assets. Source: CoinMarketCap
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 <p class="paragraph">Intriguingly, this might not be only a short-term boost for DOGE but rather the inception of a potential bull run, as suggested by an analyst.</p>
 <h2 class="wp-block-heading" id="h-traders-and-analysts-bullish-on-doge">Traders and analysts bullish on DOGE</h2>
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 <p class="paragraph">In an October 23 <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>, cryptocurrency trader and analyst <em>Naemrr </em>said that Dogecoin may be “witnessing the start” of a bull trend.</p>
 <p class="paragraph">The reason for this is the bullish divergence on a 3-day timeframe on the DOGE/BTC chart and a “potential long-term trend breakout on the USDT chart,” he said.&nbsp;</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/13Fkzi8w9-cBR1HYTjUppXDWtfQJc03RrBBR8MVQS0KuKYLZu6uUGvxdV_fPI6ZgZcDatuXXJseXgvhUGOoPLSU3STFjQYitMBysq_m8stlSQWQpkwOzwqQyivV0a6VHx5Me83VYOGwP-BiGXyj9Nek" alt>
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   DOGE/BTC 3-day chart. Source: Naemrr
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 <p class="paragraph"><em>Naemrr’s </em>bullish views were shared by <em>AngeloBTC</em>, a widely followed Bitcoin trader and market analyst.</p>
 <p class="paragraph">In his post on X on the same day, <em>AngeloBTC</em> predicted DOGE’s price to rocket to $1 in the upcoming cycle, highlighting his bullishness with a quote: “The universe owes me 1 billion dollars.”</p>
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    <p lang="en" dir="ltr">$DOGE | The universe owes me 1 billion dollars. <br><br>Target: $1 <br>Profit: Financial Freedom <br>Stop: $0https://t.co/7Oe13t9QBe</p>— Angelo฿TC (@AngeloBTC) October 23, 2023
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 <h2 class="wp-block-heading" id="h-technical-indicators-overview">Technical indicators overview</h2>
 <p class="paragraph">In addition to insights from social media commentators and traders, the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a> of technical indicators on <em>TradingView</em> also aligns with the optimistic outlook for DOGE’s future.</p>
 <p class="paragraph">Notably, the summary of 1-day gauges recommends a ‘Buy’ sentiment score of 12. Moving averages (MAs) in particular indicated a ‘Buy’ sentiment score of 10, while oscillators remained ‘Neutral’ at 8.&nbsp;</p>
 <figure class="wp-block-image"><img decoding="async" src="https://thebittimes.com/image/getimage/?url=https://lh7-us.googleusercontent.com/e6zdv0aidXguIMF_Q1DMYmJy1PuY858Aj6D818icsIaDow8B9iSm8j80q77PEEsDbP6O7NBeIKIMAELM2p6by58K9UZZk3PzqBlVDpfIFBl2VhqszQicT_KHN-MhSyh_5U4l6edTlOElyGsuw_JX9n4" alt>
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   DOGE sentiment indicated by technical indicators. Source: TradingView
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 <p class="paragraph">In the meantime, only specific moving averages like exponential 100-day and 200-day, and simple 100-day and 200-day MAs, were signaling a ‘Sell.’</p>
 <p class="paragraph"><strong><em>Disclaimer</em></strong><em>: The content on this site should not be considered <a rel="noopener noreferrer nofollow" title="investment" href="https://thebittimes.com/tag/investment.html">investment</a> advice. Investing is speculative. When investing, your capital is at risk.&nbsp;</em><br></p>
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<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/is-dogecoin-really-a-good-investment-tbt67445.html">https://thebittimes.com/is-dogecoin-really-a-good-investment-tbt67445.html</a></p>

Is Dogecoin really a good investment?

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