Is there more room for profit?

The price of Dogecoin (DOGE) has increased by 10% in the last 24 hours, keeping an eye on traders with increasing activity. Recent increase in trading volume and trend indicators like ADX reflect the demand in the market. This bullish momentum is further supported by the positioning of DOGE's EMA lines, indicating the potential for a continuation of the uptrend.

If this strength holds, DOGE may soon test key defensive levels, leaving room for further gains. However, a reversal can result in a retest of support zones, making it an important time to watch for trend reversals.

DOGE daily volume recently crossed $ 2 billion

Doge's daily trading volume recently rose to $2.27 billion, the highest since August 5. It has since settled down, now sitting at $2.12 billion. Such an increase in volume indicates high activity, attracting the attention of traders and investors.

This increase in volume can indicate potential changes in the market, making it key to evaluating buying or selling pressure.

Tracking trading volume is critical because it provides insight into the strength behind price movements. The recent increase in the Doge rate seems to correspond with the price increase, from $0.10 to $0.134 between October 10 and October 18.

Higher trading volumes usually indicate stronger market confidence, and in this case, the bullish trend indicates strong support. The increased activity supports the idea that investors have confidence in the current trend, which could push DOGE to further gains.

Read more: How to buy Dogecoin (DOGE) and everything you need to know

Dogecoin's current surge is strong.

DOGE's ADX currently sits at 34.12, up from 13 four days ago. This high increase shows that the market trend of DOGE is getting stronger. The ADX, or Average Directional Index, helps measure the magnitude of a trend or bearish trend, regardless of direction.

A sharp increase in DOGE's ADX indicates that the market is experiencing a period of strong confidence, with the trend showing high momentum. Such a rapid turnaround indicates that investor sentiment has shifted significantly, creating an environment ripe for further price action.

ADX is a powerful tool for identifying the strength of trends. It ranges from 0 to 100, with values ​​below 20 typically indicating weakness or absence, and values ​​above 25 indicating a well-defined and strengthening trend.

DOGE's current ADX price of 34 places it comfortably in “strong trend” territory, indicating that the recent price action is not just a brief spike, but part of an ongoing movement. Considering that the price of DOGE has risen by 10% in the last 24 hours, the rising ADX adds credibility to the rally, suggesting that there is strong momentum in favor of price action.

Although the current ADX is strong, it is below the levels seen during recent price increases, such as between September 26 and September 28, when the price of DOGE increased by 30 percent and the ADX reached about 45. This shows that there is still room for further development. If the consolidation and breakout continues, the ADX may continue to rise.

If the current uptrend continues, the ADX could easily move higher, further confirming the strength of the current trend and opening the door for further gains.

DOGE Price Prediction: Back to $0.17 in October?

The DOGE EMA lines are currently at highs, the short-term EMAs are sitting above the long-term EMAs and there is a large gap between them. This setup shows strong and healthy upside momentum.

Explanatory Moving Averages (EMAs) are a type of moving average that gives more weight to recent price information, and are highly responsive to recent market conditions.

Used to identify trends, short-term EMAs react quickly to price changes while long-term EMAs move more slowly. When the short-term EMAs are above the long-term, it usually shows an uptrend, indicating that buyers are dominant and that momentum is building.

Read more: Dogecoin (DOGE) Price Prediction 2024/2025/2030

If DOGE's current trend continues and consolidates, DOGE price may test the $0.14 level and even challenge the resistance at $0.175—the highest price since May. This move represents an increase of approximately 30% from current levels, indicating the strength of the upward trend indicated by the EMA lines.

A significant gap between the short-term and long-term EMAs suggests that bullish momentum is increasing and favors the case for a further push.

However, if the upside weakens and reverses, DOGE could revisit key support zones at $0.12 and possibly lower to $0.098, representing a 26% correction. The gap between the EMA lines begins to narrow, which indicates a weakening trend, and such a situation may indicate a change in market sentiment to the negative side.