Dogecoin Jumps 10% As Grayscale Listing Hype Fuels Bullish Rally

• Dogecoin price surged 10% intraday and 18% this week, demonstrating bullish momentum.
• Grayscale listing hype fueled positive market sentiment for DOGE.
• Elon Musk’s new DOGE initiative contributed to the latest price surge.

Dogecoin price exhibited a massive bullish rally and outperformed the crypto market. Over the last seven days, a sustained upsurge and a bullish streak was observed. It gained more than 18%, exceeding the previous three months’ high region.

This significant pump in price opened doors for a possible 10% surge, taking the altcoin to $0.1500 next. The rumor that Grayscale is listing DOGE triggered a positive market sentiment. The prevailing market sentiment supports the DOGE price rise.

What Do Crypto Analysts Think About Dogecoin Price Surge?

Crypto Analyst Ali Martinez (@ali_charts) posted a tweet on X this week. He mentioned that the Dogecoin price uptrend was intact as it surged inside a rising channel. It was taking support around the lower edge of the channel at press time. Besides, it seemed poised to form a higher high toward $0.1500 levels.

To anyone who said $10 #Dogecoin $DOGE is impossible—show them this chart!

… And tell them to buy some using my referral link https://t.co/73n8mW9Y5p before it's too late! pic.twitter.com/tqEqYwHEvx

— Ali (@ali_charts) October 15, 2024

Additionally, Milkybullcrypto (@MikybullCrypto) said that a god candle is on the horizon. The phrase ‘god candle’ represents a massive short-term rise.

$DOGE

It looks like god candle is coming.

Deja vu indeed pic.twitter.com/bbtjkDTYBm

— Mikybull Crypto (@MikybullCrypto) October 16, 2024

At press time, DOGE crypto traded at $0.1347, noting an intraday rise of over 10.20%. DOGE’s impressive outperformance within the last week has pushed the market cap towards the $20 Billion mark, currently at $19.87 Billion.

Dogecoin Price Prediction: Is DOGE Ready To Reach $0.1500?

The daily timeframe analysis provides a bullish outlook. The Dogecoin price surpassed the key EMAs and reached the blue skyzone region. It climbed above the 50% Fib retracement zone and aimed to reach the 61.8% zone, placing around $0.1500.

Alongside the price surge, the heightened volume surge gives a bullish conviction. The intraday trading volume noted an 18% surge, representing the rising bulls’ strength.

The Relative Strength Index (RSI) line skyrockets to 73, pivoting a bullish momentum on the chart. It reflects a bullish divergence, signaling a follow-on rise ahead.

Moreover, the Moving Average Convergence Divergence (MACD) indicator implies a bullish crossover, plotted green histogram readings, conveying a bullish outlook.

Grayscale Listing Buzz Fuels Dogecoin Price Surge

The market rumors are that Grayscale, a digital asset management company, may soon add Dogecoin to its portfolio. It has led to the price revival of the meme coin. Traders are expecting institutional money to pump the price.

Dogecoin can benefit from Grayscale listing regarding market recognition and potentially open the way to full institutional adoption. When writing, the Dogecoin price remains 81% below its All-time-high level.

Dogecoin Surges as Elon Musk Sparks Rally

Another reason for the Dogecoin price growth is related to Elon Musk’s political activity.

Under the DOGE name, Musk suggested creating a ‘Department of Government Efficiency’ and donated $75 million to Trump’s campaign. Elon Musk reacted to an article about California restricting his SpaceX firm with ‘D.O.G.E will fix it’ on 15 October.

The memecoin echoed the developments and noted a consistent upsurge, recording a seven-day bullish streak. A daily close above the $0.1400 mark would fuel a further surge and could send DOGE to $0.1500 next. The immediate support zones were $0.1300 and $0.1280.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.