🌎 Crypto Market Surges to $2.35 Trillion Led by Bitcoin Rally

The global crypto market cap surged by $140 billion, increasing 6.3% to close the week above a two-month high at $2.35 trillion.

Bitcoin Leads the Recovery

Bitcoin (BTC) spearheaded this recovery, breaking past $68,000 and igniting a strong rally across the altcoin market. Several assets capitalized on this rebound, showcasing notable performances.

Dogecoin Records Seven Straight Intraday Gains

Dogecoin (DOGE) emerged as a significant beneficiary of the market recovery last week, achieving seven consecutive days of gains. The dog-themed meme coin closed the week at a four-month high of $0.144, marking a 27% increase. This was Dogecoin’s best weekly performance since late February during a broader meme coin market rally.

However, the latest uptrend encountered resistance, with Dogecoin’s Commodity Channel Index (CCI) spiking to 247. If bearish pressure arises this week, DOGE needs to maintain above $0.137 to avoid falling to the 20-day Simple Moving Average (SMA) support at $0.116.

ApeCoin Spikes 54% on Mainnet Launch

Despite underperforming initially, ApeCoin (APE) staged a last-minute rally, closing the week at $0.87 with a 20% gain. This surge was primarily driven by the mainnet launch of ApeChain, the project’s blockchain.

After breaching $0.92, APE faced significant resistance at the upper Bollinger Band. However, the uptrend continued into the new week, with APE surging 54% to surpass the $1 mark for the first time in four months. The Relative Strength Index (RSI) has crossed into overbought territories at 85, suggesting potential exhaustion without renewed buying pressure. A drop below $1 could lead to steeper declines.

DIA Hits 32-Month Peak

DIA started the week bearish but managed to outperform most assets. After a mixed performance, DIA spiked by a massive 42% on October 17, reclaiming $1 for the first time in two years.

Following an 8% correction the next day, DIA resumed its uptrend, gaining another 14% on October 19. This allowed it to close the week with a 44% gain, trading at a high last seen 32 months ago. Its monthly volume spiked to 716 million DIA, the highest in history.

The token’s +DI spiked to 40.28, confirming strong bullish momentum. The Average Directional Index (ADX) at 50.19 suggests a particularly strong push, which could also indicate an overextension of the rally, with a potential correction on the horizon.