DOGE is surging: The prospects for continuing the bull market in 2024 are revealed!
Assessments of the value of Dogecoin (DOGE) remain in focus, with investors watching to see if the meme coin can reach its 2021 highs.
Notably, with markets anticipating a possible bull run, especially with the potential approval of a Bitcoin spot exchange-traded fund (ETF) in the United States, it will be interesting to see whether Dogecoin is able to capitalize on this momentum to reach new highs.
In early 2024, Dogecoin experienced the beginning of a bear market, erasing most of the gains it had accumulated in early December. In analyzing the potential trajectory of DOGE price, Finbold sought insights from artificial intelligence from crypto market analysis and prediction platform CoinCodex, which predicts that DOGE price will maintain a bearish trend on January 31, 2024, at $0.072. This valuation reflects a decline of approximately 10% from the price at the time of publication.
Bullish Catalysts for DOGE
It is important to emphasize that Dogecoin price movements are primarily related to the overall market direction, and there is currently a lack of specific bullish triggers. It’s worth noting that bullish moves on DOGE in the past have often been influenced by events such as mentions from Tesla (NASDAQ: TSLA ) CEO Elon Musk, a big supporter of the meme coin .
One notable Musk-related catalyst is X (previously Twitter)'s planned launch of a payments service in 2024, a development that Dogecoin is expected to benefit from.
Meanwhile, DOGE continues to experience increased on-chain activity, particularly involving large transactions conducted by whales. On January 1, 59.9 million DOGE (approximately $5 million) was transferred to Coinbase from an unknown wallet, reflecting the recent surge in large-value DOGE transfers in the Dogecoin ecosystem.
Examples include a December 29 transaction that transferred 65.1 million DOGE (worth approximately $5.89 million) to Coinbase from an unknown source. Other significant transfers included 230 million DOGE (approximately $21.61 million) sent to Robinhood.
Currently, a $1 valuation remains a key target for DOGE.
DOGE price analysis
As of press time, DOGE is worth $0.08, with daily losses exceeding 3%. On the weekly chart, the meme coin is down more than 11%.
In terms of technical analysis, the overall performance of Dogecoin is bearish.The day's indicator summary, taken from TradingView, suggests a Sell sentiment of 13, while the moving average is 11. The oscillator is 8, which is "neutral".
Follow Chenxi to avoid getting lost, and pin it to the top of the homepage. The official account is "Chenxi web3 vision" #DOGE #Doge🦊 #BTC