Dogecoin prices have risen due to the ongoing crypto bull run and investor risk-on sentiment. Technically, DOGE has favorable conditions that could push it significantly higher this year. It has flipped the important resistance level at $0.2280 into a support level and moved above the 50-day and 200-day Exponential Moving Averages (EMA).
The Average Directional Index (ADX) is also pointing upwards, indicating a strong trend. DOGE’s value has moved above the 50% Fibonacci Retracement level, and the Market Value to Realized Value (MVRV) indicator is also pointing upwards. This could push it to $0.7350, its highest level on record, and a break above that could lead to it rising to $1.
If the Dogecoin price falls below $0.2280, it could retest the psychological level at $0.10. Dogecoin whales are accumulating the coin, with $245 million worth of tokens bought since last week. The spot and futures market volume for DOGE has reached over $10 billion in the last 24 hours, higher than Shiba Inu, Pepe, Bonk, and Floki combined, indicating growing investor interest.
Analysts remain bullish on Dogecoin due to Elon Musk’s role in the Department of Government Efficiency (DOGE) and the potential approval of a DOGE ETF in 2025. The short-term outlook for DOGE is bullish, with the potential to reach $0.50 if Bitcoin hits $100,000. However, if DOGE falls below $0.2280, it may indicate more downside.
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<p>The post Dogecoin Price Projections: How High Could DOGE Go in 2024? first appeared on CoinBuzzFeed.</p>
