Current data 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 trading volume in Turkey in October surpassed Bitcoin and Ethereum. Turkish crypto investors have traded the most with Dogecoin since last month. The biggest meme coin has completed a rally of over 150% amid intense interest.
The cryptocurrency market is known for its highly volatile price movements. Dogecoin was the latest example of this, having more than doubled in value in just 7 days. According to the data, Turks have transacted more than $380 million in Dogecoin since last month. DOGE thus becomes the most popular cryptocurrency among Turks. Also, most of the trading volume of exchanges in the last 30 days was Dogecoin.
According to the data, Dogecoin alone exceeds the combined trading volume of Bitcoin and Ethereum. Market leaders generated trading volumes of $142.6 and $154.4 million.
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. Musk tweeted about Dogecoin shortly after the purchase was completed. Turkish investors follow this trend. Since last month, Turkish investors have undertaken the majority of Dogecoin’s trading volume.
So what’s next for Dogecoin price?
Dogecoin surpassed Cardano and Solana by market cap after the 150% rally above. 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 would need to form an overwhelming downtrend for such a move.
For now, Dogecoin price is trading at $0.11. It has a chance to break out above the higher support areas due to the support it has received from new traders. According to the Balanced Volume (OBV) indicator, more investors support DOGE’s potential upward climb towards $1,000. Currently, approximately $17.76 billion is exchanged, with most 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 for Dogecoin price. Also, the MACD’s continuous upward movement above the average line reveals that 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 critical hurdle could quickly open the way for DOGE to begin the next phase of its journey at $1.0000.
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