Current information from data provider Nomics shows that Turkish crypto investors are collecting another altcoin instead of SHIB, ETH, BTC.
Turkish crypto investors are buying this altcoin instead of SHIB and BTC
According to data from Nomics, Dogecoin transaction volume in Turkey in October surpassed Bitcoin and Ethereum. Turkish crypto investors have made the most transactions with Dogecoin since last month. The biggest chest coin completed a rally of over 150% during heavy interest.
The cryptocurrency market is known for its highly volatile price movements. Dogecoin was the latest example of this, gaining more than 2x in value in just 7 days. According to the information, Turks have made more than $ 380 million Dogecoin transactions since last month. DOGE thus becomes the most recognizable cryptocurrency in the middle of the Turks. Also, a large portion of the trading volume of exchanges in the last 30 days consisted of Dogecoin.
According to the data, Dogecoin alone exceeds the combined transaction volume of Bitcoin and Ethereum. Market heads generated $142.6 and $154.4 million in process volume.
Elon Musk once again signed the Dogecoin rally
The price of Dogecoin has soared dramatically, largely as a result of Elon Musk’s takeover of Twitter. Shortly after the purchase was completed, Musk tweeted about Dogecoin. Turkish investors follow this trend. Since last month, Turkish investors have taken over most of the transaction volume of Dogecoin.
So what’s next for Dogecoin price?
Dogecoin surpassed Cardano and Solana in terms of market capitalization following the 150% rally at the top. It is currently busy gathering liquidity to break the stubborn resistance at $0.1600. This overpressure is leading DOGE to a potential double bottom formation. However, sellers will need to form an overwhelming bearish bias for such a move.
For now, Dogecoin price is trading at $0.11. It has good fortune to rise above the higher reinforcement areas due to its foothold from new depositors. According to the Stable Volume (OBV) indicator, more investors support DOGE’s true potential upside climb to $1,000. Currently, approximately $17.76 billion is exchanged, with the bulk of the volume being positive pressure.
A look at the technical indicators shows that the MACD is giving a buy signal. This adds optimism to the bullish outlook in Dogecoin price. Also, the MACD’s continuous upward movement above the average line reveals that the buyers have the upper hand for now. FXStreet analyst John Isige looks at this outlook, revealing the following technical levels for Dogecoin:
A daily close above the $0.1600 mark could quickly pave the way for DOGE to begin the next phase of its journey at $1.0000.