As of the latest update, Dogecoin has shown significant improvement, rising to $0.141556 after a 1.77% increase in the past 24 hours. Over the course of a week, the meme coin has surged impressively with a 30% gain, pushing its 24-hour trading volume up to $1.9 billion—marking a 35% upswing.
Favorable Indicators and Sentiment for DOGE’s Rise
Market experts suggest multiple indicators signaling an opportune moment to invest in DOGE. As noted by Digitalcoinprice, a variety of technical indicators have shifted to a positive state, implying that traders are optimistic about the token’s future. Over the last 30 days, the coin has appreciated by 37%, with predictions suggesting it may climb even higher.
One of the most compelling signs of a bullish trend is the rising 50-day Simple Moving Average, which could present a favorable entry point for buyers. Conversely, traders seem hesitant as the 200-day SMA shows a downward trend.
Some forecasts indicate that DOGE may dip to $0.13 before the year’s end. Nevertheless, the broader perspective still reflects a general agreement that the coin is trending positively in the medium term.
Insights from Experts on Dogecoin’s Future
Notable cryptocurrency traders, like DonAlt, hold the view that Dogecoin is gearing up for a bullish phase and could potentially break the $1 mark. Analysts such as Crow observe recurring triangular patterns in Dogecoin’s price history from 2014 to 2021, hinting at a possible breakout.
Dogecoin is like Bitcoin of the meme coins!
You don’t like it? Too bad, you don’t matter.$DOGE is going to $1. pic.twitter.com/mr5tVxFS2c
— CROW (@TheCrowtrades) October 18, 2024
Crypto trader Kevin has pointed out a recent 3-day flip in Dogecoin. This technical indicator suggests a positive trend for the cryptocurrency. In the past, this type of signal has led to significant price surges; for instance, DOGE soared 210% following similar indicators.
The last time #Dogecoin flipped the 3 Day super trend and created a buy signal #DOGE pumped 212%. I think we can see something similar if not bigger this time around especially if #BTC enters into price discovery pic.twitter.com/azHFpo1plo
— Kevin (@Kev_Capital_TA) October 19, 2024
Kevin emphasized that if Bitcoin enters a discovery phase, Dogecoin is likely to follow suit. He also mentioned the imminent “golden cross” pattern on the weekly chart, a bullish signal for DOGE’s continued upward trajectory.
Additionally, Elon Musk still holds significant sway over these price fluctuations. A recent remark from the “US Department of Government Efficiency” (D.O.G.E) resulted in a price increase, further complicated by his political engagements in recent events.
Analysts believe that Musk’s extensive influence, coupled with his associations with pro-crypto US election candidates, such as former President Donald Trump, will contribute to DOGE’s value appreciation.
Featured image from Techopedia, chart from TradingView
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