Dogecoin trading volume surges 62% as investors eye potential 60% rally
The Dogecoin price has staged a mild rebound as DOGE’s daily trading volume jumps 62%.
- Renewed interest. Despite recent price declines, Dogecoin (DOGE) showed a notable surge in trading activity
Dogecoin (DOGE) demonstrated bullishness in a key metric, despite plummeting prices on the daily charts. According to CoinMarketCap data, Dogecoin’s trading volume spiked 62%.
As of press time, the DOGE trading volume has surged to more than $2 billion, marking a 62% spike over the previous day. This increased trading volume demonstrates increased market activity for DOGE.
- Bullish outlook. If DOGE holds its key support around $0.20, the heightened activity could pave the way for up to 60% gain.
This means investors are still interested in accumulating the top meme coin. Increased volume often indicates growing interest, potentially leading to sustained price upside. With key support around $0.20, analysts see 60% potential gains, possibly targeting $0.32. This prediction aligns with expectations of a positive October close this year.
Aligning with the broader “Uptober trend,” DOGE has traded in the green for four consecutive years, beginning in October 2021. According to Cryptorank data, DOGE registered gains of 37%, 105.8%, 9.84% and 41.4% in October 2021, 2022, 2023 and 2024, respectively.
Shiba Inu in fragile setup after harsh October drop below $0.00001
SHIB slipped into the dreaded extra zero zone below $0.00001 SHIB this October.
- Price breakdown. October proved brutal for Shiba Inu (SHIB), as the token briefly slipped below the critical $0.00001 psychological level.
October was a ruthless month for SHIB: for the first time in a long while, its price broke below the important psychological level of $0.00001 per coin, adding that nasty new zero to its quotes. The drop did not last long, but the damage was already done, and now the entire setup for the Shiba Inu coin can be characterized as fragile.
- Performance metrics. SHIB’s average October return at 0.26%, but the median return stands at -9.1%.
According to data from CryptoRank, the average return for SHIB in this month stands at 0.26%, which may seem optimistic under current market conditions. But a deeper look reveals an uglier picture: the median return, a more reliable metric, comes in at -9.1% over the last four years.
In 2021 and 2022, SHIB lost an average of 27% in November. Conversely, in 2023 and 2024, the price surged by an average of 27%. Still, the latter was imbalanced by 2024’s exceptional 48.8% gain, making it more of an outlier than a dependable trend.
XRP/BTC trapped in tight range as market awaits breakout
XRP sits at 0.0000231 BTC, trapped in a razor-thin Bollinger Bands range.
- Current range bound. XRP/BTC is trading at 0.0000231, locked in one of its narrowest ranges in months between 0.00002225 BTC and 0.0000235 BTC.
At 0.0000231 on the XRP/BTC pair, the market is capped inside one of its tightest ranges in months. The current stretch runs from 0.00002225 BTC on the downside to 0.0000235 BTC on the upside.
Below 0.00002225 BTC, the structure breaks down and sellers take back control, putting October’s Crypto Black Friday levels back on the table. Above 0.0000235 BTC, the market finally clears a ceiling that has capped XRP for weeks, opening room for a major recovery.
- Technical outlook. Weekly Bollinger Bands highlight strong support at 0.00001955 BTC.
Weekly data reiterates the Bollinger Bands scenario. The last strong support sits at 0.00001955 BTC, and losing it would return the pair to price zones left behind in 2021. On the other side, reclaiming 0.00002452 BTC would tilt momentum back for altcoin bulls and raise the prospect of testing 0.000029 BTC, the upper boundary of the weekly range.