Atpresstime,Dogecoinwasfoundtohavegainedsignificantlyasitjumpedto$0.141556followinga1.77%growththatoccurredwithinthelast24hours.Inaweek,thememecoinhasgoneprettyhighata30%increasewhichpropelledits24-hourtradingvolumeto$1.9billionwithanupsurgeof35%.
PositiveSentimentAndIndicatorsForDOGEAscent
Accordingtomarketanalysts,thereareanumberofindicatorsthatshowitistherighttimetoinvestinDOGE.AsobservedbyDigitalcoinprice,severaltechnicalsignalshavealreadyturnedgreen,indicatingtradersseebrightnessinthefutureofthetoken.Thecoinhasrisenby37%inthelast30days.Theforecastshintthatthecoinmightgoevenhigher.
Oneofthestrongestindicationsofthebulltrendisthecurveofthe50-daySimpleMovingAveragegoingupward,whichmaybeagoodperiodforbuyerstogetinontheaction.However,thetradersareholdingbackasthe200-daySMAisgoingdown.
Asreportedbysome,DOGEmayevengoto$0.13beforetheyearends.Nevertheless,onthebiggerpicture,thereisstillaconsensusoverthefactthatitisstillmovinginapositivedirectionforthemedium-termtrendsofthecoin.
Experts’PredictionsAndInfluencesOnDogecoin’sFuture
Otherhigh-levelcryptocurrencytradersalso,suchasDonAlt,believethatDogecoinhasthemakingsofbeingbullishandcanpotentiallyexceedthe$1mark.AnalystslikeCrowseetheoccasionaltriangularpatternsofDogecoininitspricechartthatreflectphasesofconsolidationfrom2014to2021andcanindicateabreakout.
DogecoinislikeBitcoinofthememecoins!
Youdon’tlikeit?Toobad,youdon’tmatter.$DOGEisgoingto$1.pic.twitter.com/mr5tVxFS2c
—CROW(@TheCrowtrades)October18,2024
CryptotraderKevinhashighlightedarecent3-dayflipinDogecoin.Accordingtothistechnicalindicator,thecryptocurrencyissupposedtotrendinthepositivedirection.Inthepast,suchanindicatorresultedinahugepricerally;DOGEhada210%rallyoncesuchasignalappeared.
Thelasttime#Dogecoinflippedthe3Daysupertrendandcreatedabuysignal#DOGEpumped212%.Ithinkwecanseesomethingsimilarifnotbiggerthistimearoundespeciallyif#BTCentersintopricediscoverypic.twitter.com/azHFpo1plo
—Kevin(@Kev_Capital_TA)October19,2024
KevinsuggestedthatifBitcoinfallsintoadiscoveryphasethenit’slikelyDogecoinwillfollow.Healsomentionedtheupcoming“goldencross”ontheweeklychart,whichisabullishsignalforDOGEtocontinueupward.
Meanwhile,it’sstillElonMuskthatinfluencesthesepricemovements.Apassingcommentbythe“USDepartmentofGovernmentEfficiency”(D.O.G.E)hascausedapricesurge.Addingtothiscomplexityishispoliticalinvolvementinrecentnews.
AnalystsfeelMusk’soverallinfluenceandassociationwithpro-cryptoUSelectioncandidatessuchasformerUSPresidentDonaldTrumpwillaidinanincreaseinvalueforDOGE.
FeaturedimagefromTechopedia,chartfromTradingView
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