Bitcoin Recovers, Dogecoin Predicted To Rise By This Crypto Analyst

The first meme coin in the crypto industry, Dogecoin. (Photo; Doc. NewsBTC)

JAKARTA - The crypto market rose again on Friday 4 October. Bitcoin (BTC) recorded an increase of 2.3% in the last 24 hours according to CoinGecko data. BTC managed to break the $61,000 mark, while the first meme coin, Dogecoin (DOGE), also recorded a significant price spike.

In the last 24 hours, DOGE has jumped more than 6 percent and is trading in the range of 0.108 US dollars (equivalent to Rp1,620). This increase comes after Dogecoin managed to recover from its crucial support level in recent days.

Famous crypto trader and analyst Ali Martinez observed DOGE price movements technically. On the daily graph, Dogecoin is again bouncing off the Moving Average (MA) 50 line, which has been an important level to determine price movements. In addition, Dogecoin has also managed to penetrate the logarithmic trend line which for the past seven months has served as resistance.

In the long term, Dogecoin is predicted to record a golden cross' between MA 50 and MA 200, a technical signal that shows bullish potential. If the price of Dogecoin continues to move above the 50-week MA, there is a great opportunity that DOGE prices could return to an all-time high.

According to crypto analyst Ali Martinez, the price of Dogecoin has the potential to rise to 50 percent, reaching 0.16 US dollars (Rp2,400), as long as prices remain at the current support level. On-chain data also shows that more than 60 thousand addresses have purchased DOGE at the level of 0.11 US dollars (Rp1,650), which makes the level a strong support area.

On the other hand, the Dogecoin network continues to show increased activity. Data from Santiment notes that the network now has more than 84,000 active addresses, showing growing interest from large investors, or whales, who are preparing for the upcoming altseason.