Is Dogecoin really a good investment?

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. 

However, today, October 23, marked a possible turning point as cryptocurrencies surged, led by Bitcoin’s (BTC) impressive gains, reaching over $30,600. 

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.

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.

Traders and analysts bullish on DOGE

In an October 23 Analysis, cryptocurrency trader and analyst Naemrr said that Dogecoin may be “witnessing the start” of a bull trend.

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. 

Naemrr’s bullish views were shared by AngeloBTC, a widely followed Bitcoin trader and market analyst.

In his post on X on the same day, AngeloBTC 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.”

Technical indicators overview

In addition to insights from social media commentators and traders, the Analysis of technical indicators on TradingView also aligns with the optimistic outlook for DOGE’s future.

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. 

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.’

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.