DOGE, APE, DIA: Top Cryptocurrencies to Watch This Week

The global crypto market cap saw a significant boost, adding $140 billion and climbing 6.3% to surpass a two-month peak of $2.35 trillion. Bitcoin (BTC) led this recovery, breaking past the $68,000 mark and triggering a strong rally across the altcoin market.

Here’s a closer look at some of the key assets that capitalized on this resurgence and their recent performance.

Dogecoin (DOGE) Sees Seven Consecutive Gains

Dogecoin was among the biggest winners during the market recovery last week, enjoying seven straight days of gains. The dog-themed meme coin closed the week at a four-month high of $0.144, marking a 27% increase. This performance represents Dogecoin's best weekly gain since late February, coinciding with a broader rally in the meme coin market.

However, the latest upward trend faces a potential hurdle, as the Dogecoin Commodity Channel Index (CCI) spiked to 247. If bearish pressure emerges this week, DOGE will need to maintain support above $0.137 to avoid falling to the 20-day simple moving average (SMA) at $0.116.

ApeCoin (APE) Surges 54% on Mainnet Launch

After a lackluster performance early in the week, ApeCoin rallied to close at $0.87, gaining 20%. This surge was largely driven by the mainnet launch of ApeChain, the project’s blockchain. Following a brief breach of $0.92, APE encountered resistance at the upper Bollinger Band but resumed its upward momentum into the new week, surging 54% and breaking the $1 mark for the first time in four months.

Despite this impressive rally, the Relative Strength Index (RSI) has entered overbought territory at 85, suggesting that the momentum may soon wane without renewed buying support. A drop below $1 could lead to further declines.

DIA Hits 32-Month High

DIA started the week on a bearish note but quickly turned around to outperform many other assets. After experiencing a mixed performance, DIA surged by an impressive 42% on October 17, reclaiming the $1 mark for the first time in two years. Following an 8% correction the next day, DIA continued its upward trend, adding another 14% on October 19. The token ended the week with a 44% gain, reaching levels not seen in 32 months. Monthly trading volume soared to 716 million DIA, marking the highest in its history.

DIA’s +DI has risen to 40.28, indicating significant bullish momentum, while the Average Directional Index (ADX) sits at 50.19, suggesting a strong trend. However, this could also signal an overextension, with a potential correction on the horizon.

Conclusion

As the crypto market continues to rebound, Dogecoin, ApeCoin, and DIA have emerged as key assets to watch. Each has demonstrated notable price movements driven by unique catalysts, but caution is advised as market dynamics evolve. Investors should stay informed and monitor these cryptocurrencies closely as the week progresses.