(DOGE) Will the Post-Halving Wave of Dogecoin Push Prices Higher?
Dogecoin’s price action has sparked interest in its future potential, with many analysts making optimistic predictions for the price of Dogecoin. Growing trading volumes and more daily active addresses support this outlook.
The number of addresses holding Dogecoin has reached 90 million, and the increasing adoption rate highlights the potential for a continued bullish Dogecoin price prediction.
The recent uptrend of Dogecoin is driven by increased trader interest and improving key indicators. Analysts like Rickus have noticed a steeper trend angle in the Dogecoin chart than in previous cycles, predicting a breakout in five to six weeks and a subsequent retest of resistance.
Dogecoin’s recent support can be attributed to the bullish sentiment in the overall cryptocurrency market, especially the strong performance of Bitcoin.
Bitcoin’s recent surge to over $65,000 and even $66,000 was driven by important factors such as the launch of BlackRock’s iShares Bitcoin Trust and expectations of a rate cut by the Federal Reserve.
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This positive momentum has impacted Dogecoin, with increased investor confidence and rising interest in digital assets pushing its price higher.
Both cryptocurrencies have benefited from a weaker dollar and broader market optimism, creating a favorable environment for digital currencies amid global economic uncertainty.
Dogecoin (DOGE) is currently trading at $0.119136, down 3.20% in the past 24 hours. The cryptocurrency has a 24-hour trading volume of $697,615,560.
Dogecoin is ranked 9th on CoinMarketCap with a market cap of $17,295,525,785 and a circulating supply of 145,174,106,384 DOGE.
The 2-hour chart shows that Dogecoin has broken out of the ascending channel below, causing the price to drop to the $0.1190 level. The relative strength index (RSI) is 44.14, indicating bearish sentiment in the market.
