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On August 24, 2024, $DOGE , the leading meme cryptocurrency, captured significant attention from investors and traders alike. The coin broke out of a consolidation phase that had confined it within a narrow trading range of $0.094 to $0.108 for 18 days. Here's an overview of what led to this breakout and what could be next for $DOGE
Bullish Momentum Building for DOGE
Dogecoin's recent price surge was largely driven by remarks from Federal Reserve Chair Jerome Powell, who suggested a potential cut in interest rates. This statement sent shockwaves through the financial markets, with $DOGE experiencing a notable rise. This breakout could mark a critical turning point for DOGE, pushing its outlook towards a more bullish trajectory, even though it remains below the 200 Exponential Moving Average (EMA) on the daily chart.
Technical analysts suggest that DOGE could see a further 15% increase, potentially reaching $0.13 in the near future. Additionally, a well-known crypto analyst on X (formerly Twitter) observed that DOGE is entering the third phase of a bullish cycle, characterized by consolidation along a key trendline. This phase mirrors previous cycles, which historically precede significant price increases. Based on these patterns, the analyst forecasts that DOGE could eventually surge to $2 or even $4.5, a prospect that has certainly caught the attention of the crypto community.
Increased Interest and Positive Price Action for DOGE
At the time of writing, Dogecoin is trading at around $0.113, marking an 8% increase in the last 24 hours. This positive movement is supported by a 70% surge in trading volume, indicating that more traders are jumping into DOGE following the breakout and Powell's comments on the possibility of an interest rate cut.
Further bolstering DOGEâs outlook is the 9% rise in open interest over the past 24 hours, as reported by on-chain analytics firm CoinGlass. This increase in open interest reflects growing confidence among investors in DOGEâs potential for further gains.
The broader cryptocurrency market has also experienced a positive trend, with an overall 4.6% increase in the last 24 hours. Major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and Cardano (ADA) have all seen price increases ranging from 5% to 5.6% during this time.
However, according to Coinfomania's expert predictions, DOGE is currently trading at $0.106538 and is expected to dip slightly to $0.101 by August 27. Despite this, technical indicators presently lean towards a "Sell" sentiment.
Over the last 30 days, DOGE has experienced 11 green days out of 30, reflecting a 37% positive trading trend. With moderate price fluctuations and a volatility rate of -15.78%, the coin has seen a 2.26% increase in the past 24 hours.
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