FXStreet analysts predict a continuation of the rally for DOGE and trend altcoin. Dogecoin is currently on the agenda again with Twitter news. Continuing in the article, let’s take a look at the technical levels that will be critical for the coming days.
These factors triggered the massive price rally of Dogecoin price
Dogecoin price has gained about 50% since last month. While there are several factors that contributed to the great rally, three stand out:
- Accumulation of Dogecoin by major wallet investors
- Elon Musk’s takeover of Twitter
- Dogechain explains its future roadmap
According to a Reuters report, Elon Musk recently completed the acquisition of social media giant Twitter. The news of Musk’s acquisition of Twitter raised the price of Dogecoin from $0.04729 to $0.0877. DOGE price posted double-digit gains overnight. Musk previously published statements on Twitter arguing that payments should be digitized and expressed his support for Dogecoin.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
Before the news, crypto whales collect massive amounts of Dogecoin. They started profiting after the price crossed the $0.0792 level. Big whales transferred 400 million DOGE tokens to Binance for profit when the price reached $0.087. Dogecoin Whale Alert, which monitors whale movements, shared the details of the transaction in a recent tweet:
🐕🪙🐋🚨🚨🚨🚨🚨🚨🚨🚨🚨🚨
286,953,266 $DOGE ($22,140,740 USD) was transferred from a #Top20 wallet to a #Binance wallet.
Fee: 2.41 ($0.19 USD)
Tx: https://t.co/sJzxNZHZLi#DogecoinWhaleAlert #WhaleAlert #Dogecoin #CryptoNews
— Ðogecoin Whale Alert (@DogeWhaleAlert) October 28, 2022
Analysts say that the region between $0.0772 and $0.0792 is important for the continuation of the rally. According to data from IntoTheBlock, 27,000 addresses have added 5.89 billion DOGE at this point.
Now, according to analyst Ekta Maurya, the Dogecoin price is facing selling pressure from increased whale profit buying. Traders in the $0.0772 and $0.0792 range will struggle to defend their gains. Along with these, Dogecoin is currently trading above $0.01. It has moved somewhat away from the individual demand zone.
Potentials of ApeCoin price
ApeCoin price is currently up 25% for the month of October. The Ethereum-based NFT coin witnessed a sharp increase in price on October 25. It has been gradually rising since then. The APE price is currently at auction for $4.99. The bull has successfully blocked both the 8-day exponential and 21-day simple moving averages. Now a bull cross will occur when the APE auctions are above them. The bullish cross could trigger an equal-value rally near $6.00 for a 25% gain.
Despite the strong bullish signals, individual investors do not believe in ApeCoin’s potential. According to CoinGlass’ long-short indicators, most people shorted during the 25% increase. The indicator can be viewed as an opposite bullish signal. A much larger rally will need to happen to liquidate the bears in the market.
The bullish thesis may be invalidated if the bears relabel the $4.56 level produced on Oct. 27. A second breakout triggers a sell spree targeting liquidity levels near $3.00. Such a move would result in a 40% drop from the current ApeCoin price.
Like DOGE, XRP price shows strength
The XRP price has risen 60% since September, outpacing its rivals. Currently, a trading range is moving from the October high of $0.54 to the low of $0.42. An increase in volume is shown during the recent bullish move, which is an optimistic gesture for the coming days. Still, the 60% rally since October can be seen as part of a much larger countertrend structure as the top of the descending parallel channel has not yet been broken.
