Dogecoin Becomes the Most Popular Cryptocurrency

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The best-performing coin in October among digital assets was Dogecoin (DOGE). In contrast to the CMI general overview in October, which had a seven percent drop, the value of DOGE grew by some 100%.

Analysts of digital assets attached this major upsurge in DOGE to Elon Musk’s recent takeover of Twitter, with the supposed notion that the purchase would add value to the Dogecoin blockchain and its coin. This is not the first time Musk’s Twitter posts or interactions with digital assets have caused value fluctuations, especially with the fact that he suggested the usage of DOGE to make payments for the newly imposed Twitter subscriptions.

Key Dogecoin Levels to Watch — November 3

Due to the Elon Musk effect, the Dogecoin price saw a significant increase, reaching about 180% at the peak of the month. The closing price of the month was a huge 109% raise from the opening price on October 1st, with a volume of $4.13B.

Dogecoin Becomes the Most Popular Cryptocurrency

Until the 25th of October, the market had been on a bearish run since August, until the speculation-driven spike occurred that shot the price up, from then on. That point was the first time since August that the SuperTrend indicator turned green, indicating the market’s bullish reversal. The TSI indicator as well maintains that Dogecoin is still bullish, although, moving on the edge of being overbought. As of the 2nd of the new month, the market almost cancelled out the spike of the 1st, which might suggest that investors are gradually waning in enthusiasm.

With the new acquisition, other implementations, and the subsequent Twitter subscription introduced, more buyers can be brought into the DOGE fold.

Dogecoin Key Levels

Resistance Levels: $0.0670, $0.0930, $0.1600
Support Levels: $0.0680, $0.1120, $0.1460

Total Market Capitalization: 1.01T
Doge Coin Market Capitalization: $18.6B
Doge Coin Volume: $7.8B
Market Rank: #8

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.