Technical Analysis: BTC/USD October 2024 Outlook
From a technical perspective, Bitcoin is testing the upper bound of the Bollinger Bands, which typically indicates sustained bullish momentum.
Currently trading above the midpoint of the band, BTC is showing resilience to sustain gains, with the Balance of Power (BoP) suggesting neutral to weak buying pressure. However, a break above a key level could signal further upside.
Bitcoin faces immediate resistance at $69,500, and a break above this level could open the door for a weekend rally toward $70,000 or more. Traders are eyeing the psychological threshold of $70,000, which could lead to a test of $72,000, especially if institutional demand strengthens.
On the downside, Bitcoin has support at $66,500, and in case of further declines, $65,000 would act as an important safety net. As long as Bitcoin remains above these support zones, the broader bullish trend is expected to hold.
Dogecoin Price Prediction: Doge Rally Could Cross $0.15
Dogecoin (DOGE) has been the standout performer among proof-of-work cryptocurrencies this week, rising 25% over the past seven days. Currently trading at $0.1386, DOGE has risen 13% in the past 24 hours alone, marking a sharp rebound from early October when it fell below $0.11.
This resurgence is largely driven by renewed interest in retail, coupled with Dogecoin’s continued rise to prominence, coupled with a series of indirect mentions by Elon Musk.
Adding to retail enthusiasm, there is growing speculation about Dogecoin’s potential integration as a payment option on various platforms, increasing its usefulness. With increased media attention, meme coins are regaining their appeal as viable digital currencies.
