10/26/2022 | Finbold

Dogecoin jumps above 10% in a day – is DOGE price pump on the horizon?

Dogecoin jumps above 10% in a day – is DOGE price pump on the horizon?

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 Musk’s 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.

These gains have added to the dog meme token’s 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, DOGE’s 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.

Bullish future for DOGE?

Meanwhile, Dogecoin’s bullish success could be further propped up by the most recent update about Elon Musk’s Twitter (NYSE: TWTR) purchase deal, which the billionaire plans to close by October 28, as he told his co-investors.

As a reminder, Tesla’s 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 Twitter’s prospects.

Immediately after the news about Musk’s U-turn on the deal, DOGE’s 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) asset’s 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.