On September 26, 2024, Dogecoin (DOGE) saw a strong price surge, increasing by over 6% to reach a high of $0.115. This spike came in response to China's new economic stimulus measures, which boosted global market sentiment, particularly risk-on assets like cryptocurrencies. The People's Bank of China's recent $142 billion liquidity injection and support for the real estate sector helped fuel optimism, attracting more investors to speculative assets, including Dogecoin.
Additionally, Dogecoin's price was supported by large-scale purchases from whale investors, who accumulated over 1.4 billion DOGE in just 48 hours, sparking speculation of further bullish momentum. With Dogecoin breaching the $0.111 resistance, traders are optimistic about a potential breakout that could push the price to $0.15. Technical indicators, including a bullish falling wedge pattern, suggest that if DOGE sustains its current trajectory, a 45% price increase is possible in the coming weeks.
However, some analysts cautioned that short-term corrections might occur before a stronger uptrend is confirmed. The Stochastic RSI indicates a brief bearish crossover may happen, though the overall outlook remains positive. The increasing market capitalization and trading volume, up 4% and 40%, respectively, demonstrate growing investor confidence in Dogecoin's potential.