Dogecoin Leads Crypto Rally Over The Past 24 Hours And This Could Be The Reason
Over the past 24 hours, the largest memecoin by market cap, Dogecoin, has been leading the crypto market rally into the top 10. Analysts and the community related to this token expect the momentum to continue, which could extend investors' gains.
According to data from CoinMarketCap, the coin has a performance of +8.46% over the last 24 hours. This translates into a price of $0.1266 per token. Meanwhile, its performance over a week also shows solid positive numbers exceeding +15.7%.
Among the reasons pushing up the price of this token could be the recent steps of Elon Musk. The tycoon announced the donation of $75 million dollars to Donald Trump's political action plan (PAC). In that sense, it should be remembered that Musk is one of the biggest enthusiasts of this dog token.
The tycoon even publicly proposed to Trump the creation of a government efficiency department with the acronym DOGE. The latter may serve to illustrate Musk's support for the largest of the memecoins. Thus, the donation could be interpreted as a sign of optimism among investors.
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Will Dogecoin Remain the Leader of the Crypto Rally?
DOGE's conquest of the $1 barrier is an old dream of the community that supports this token. It was abandoned after the collapse of the currency following the bull-run of 2021. However, hopes seem to be reborn among the community most loyal to this project.
Now that Dogecoin is leading the crypto market rally, the inevitable question arises: Is it time for the conquest of $1? Everything will depend on the events that take place in the United States. Among these, the economic development and the responses of the Federal Reserve stand out. Added to this are the results of the presidential elections in November.
If these two elements are presented in a positive way, the chances of DOGE reaching the expected goal take shape. On the other hand, the technical analysis is also positive for the currency in the short and medium term. According to data from the CoinCodex portal, out of 31 technical analysis indicators, a total of 26 suggest the rise of the token.
As far as the market sentiment index is concerned, an overwhelming 84% have bullish expectations for the coin. Despite all this push reflected in the charts, the aforementioned portal estimates that the $1 per token target will not be reached in this bullish cycle. In fact, they expect that in 2025, in the best-case scenario, the price of DOGE will be $0.50.
Despite this, they say the currency's potential ROI exceeds 300% for next year.
Disclaimer: This work is for informational purposes only and should not be taken as an invitation or investment advice under any circumstances. Cryptocurrencies are highly volatile assets and investing in them can lead to total losses.
