- Analysts have come forward with speculation of an imminent “God Candle” driving bullish sentiment leading to further gains for the Dogecoin.
- Dogecoin surged over 10%, reaching its highest price since late September.
Dogecoin, the largest memecoin by market capitalization has made center stage once more after surging 10% in the last 24 hours. As earlier reported, the digital asset’s price has remained buoyant since the news of a potential Grayscale listing surfaced surging by 4%.
This impressive rally has reignited heightened speculations of an imminent “God Candle.” Breaking down, traders use this term to describe a massive, explosive price movement. As memecoins experienced a recovery, DOGE has particularly stood out, reaching its highest price since September 29, 2024.
At the time of press, DOGE is currently swapping hands with $0.1231 marking a 3.85% and 14.11% surge in the past 24 hours and past week respectively. Setting a higher benchmark, the digital asset has increased by 22.44% in the past month and by 106% in the past year.
Additionally, spot trading volumes for DOGE surged to $1.8 billion on October 16, a 95% rise in the last 24 hours and a 165% increase over the past week. With a market capitalization surpassing $18 billion, Dogecoin continues to solidify its dominance as the top memecoin.
Grayscale Eyes Dogecoin Listing
Several factors have contributed to DOGE’s recent price surge. As per our earlier report, Grayscale, the digital asset manager with a staggering $13.87 billion in Bitcoin holdings, is fueling market excitement with rumors of an impending listing.
Also worth noting is that the firm has hinted at potentially adding other prominent tokens like Toncoin and Worldcoin to its offerings.
Factors Behind Dogecoin’s Bullish Momentum
Adding to the enthusiasm, analysts are pointing to a potential long-term recovery. Recent developments have signaled this could be the end of a downward trend for the digital asset.
Notably, one analyst took to the x platform boldly asserting that “Doge is ready to run,” as many traders expect a continued upward trend.
Additionally, technical indicators support this optimism. A chart shared by crypto analyst Mikybull Crypto shows DOGE breaking above a 180-day descending trendline, suggesting key resistance levels stand at $0.13 and $0.14. Notably, Mikybull added, “It looks like god candle is coming,” adding fuel to the fire surrounding a significant price breakout.
It looks like god candle is coming.
Deja vu indeed pic.twitter.com/bbtjkDTYBm
— Mikybull 🐂Crypto (@MikybullCrypto) October 16, 2024
Another important factor driving Dogecoin’s recent rally is the sharp increase in open interest a key metric that measures the number of active contracts in the market. According to CoinGlass data on October 16, DOGE’s Open Interest rose to $755.5 million, a 27.3% increase from the $593.7 million recorded the day before.
Additionally, the perpetual futures funding rate, which tracks the cost of holding long positions, has risen to 0.0102% for every eight hours. This suggests that traders are willing to pay more to maintain their bullish positions, indicating strong optimism for a continued DOGE price surge.
