As the cryptocurrency market is finally waking up from the weeks-long dormancy, multiple assets are logging double-digit gains, including the Tesla (NASDAQ: TSLA) CEO Elon Musks favorite digital asset – Dogecoin (DOGE).
Indeed, Dogecoin is recording increases on its daily and weekly charts, gaining 10.96% in the past 24 hours and 11.55% compared to seven days ago, according to the data retrieved by Finbold on October 26. Dogecoin 7-day price chart. Source: Finbold
These gains have added to the dog meme tokens monthly advance of 7.60%, as demonstrated on the charts, and DOGE is at press time changing hands at the price of $0.0662, with a market capitalization of $8.73 billion, making it the tenth-largest digital asset by this indicator. DOGE technical analysis
At the same time, DOGEs technical analysis (TA) indicators are all looking very positive, as the summary aligns with a buy sentiment at 15, and upon further breakdown the oscillators also suggest buying DOGE at three, whereas on moving averages (MA), technicals point to a ‘strong buy’ at 12. DOGE technical analysis. Source: TradingView Bullish future for DOGE? Related Crypto analyst predicts next Bitcoin halving will trigger a BTC price pump Axie Infinitys market cap drops below $1 billion; Why is AXS crashing? Number of Dogecoin holders spike in October, adding almost 100,000 in 3 months
Meanwhile, Dogecoins bullish success could be further propped up by the most recent update about Elon Musks Twitter (NYSE: TWTR) purchase deal, which the billionaire plans to close by October 28, as he told his co-investors.
As a reminder, Teslas boss has changed his mind after hesitating about the $44 billion deal due to the controversy around the number of bots and spam accounts on the platform not being verifiable, making it difficult to assess Twitters prospects.
Immediately after the news about Musks U-turn on the deal, DOGEs whale activity spiked, recording 85 whale transactions involving at least $100,000 and increasing optimism that the token could regain its strength from the 2021 highs.
On top of that, the number of Dogecoin holders skyrocketed in October, adding nearly 100,000 accounts over the period of just three months since July 24, although not immediately reflecting on the decentralized finance (DeFi) assets price movement.
However, the recent gains achieved by the majority of digital assets, including the growth of the global crypto market capitalization by 5.86% on the day, seem to have awoken an especially bullish sentiment around the dog cryptocurrency.
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