As Bitcoin nears $71,000, excitement in the cryptocurrency market is palpable, with Dogecoin taking center stage thanks to Elon Musk’s recent comments. DOGE’s price has surged 15.3% to $0.1649, hinting at a potential short-term rally.
Dogecoin Gains Attention Amid Bitcoin's Surge
As Bitcoin surged to nearly $71,000, Dogecoin gained significant momentum, fueled by Musk's recent announcement of his "Ministry of Government Efficiency" plan. Dubbed the "Dogefather," Musk's comments fueled hopes of another Dogecoin bull run similar to the one that took place in 2020-2021. This new wave of optimism has left many wondering whether DOGE can go even higher.
Dogecoin to Hit Yearly High in 2024
Dogecoin is up 15.3% to $0.1649. Over the past 24 hours, DOGE has traded between $0.1423 and $0.169, generating a 24-hour trading volume of $4.49 billion. With a market capitalization of $24.16 billion, Dogecoin’s circulating supply consists of 146.54 billion tokens, attracting significant investor interest. The high trading volume and rising price indicate momentum, potentially signaling a sustainable short-term uptrend.
Breaking above the resistance of the recent triangle pattern, DOGE has attracted attention as it has increased by 28.87% over the past month, becoming one of the best performing major crypto assets this year.
Technical Analysis Indicates Bullish Momentum for Dogecoin
Technical indicators on the DOGE daily chart signal bullish sentiment. The formation of a “golden cross” between the 50- and 200-day exponential moving averages is a strong bullish indicator. The relative strength index (RSI) also shows strong buying demand, suggesting further upside potential.
Can Dogecoin Hit $0.20?
If DOGE maintains support above $0.155, it could move towards $0.182, with resistance on the way. Continued buyer interest could push DOGE to test the $0.20 level. Conversely, increased selling pressure could push Dogecoin back to $0.155 and potentially $0.127.
As the US presidential election season approaches, market volatility is expected, especially with Musk’s Dogecoin-related comments adding to DOGE’s momentum. Investors are closely monitoring these developments as Dogecoin grows in popularity.