At the time of publication, Dogecoin was up significantly to $0.141556 after rising 1.77% in the last 24 hours. The
#memecoin🚀🚀🚀 rose 30% for the week, pushing the 24-hour
#tradingvolume to $1.9 billion with a 35% increase.
Positive sentiment and indicators for the rise of
$DOGE According to market analysts, there are a number of indicators that show that now is a good time to invest in
#doge⚡ . As Digitalcoinprice notes, several technical
#signals have already turned green, indicating that traders see promise in this token. Over the past 30 days, the coin is up 37%. Forecasts indicate that the coin could grow even more.
One of the clearest signs of a bullish trend is the rising curve of the 50-day simple moving average, which could be a good period for buyers to join the market. However, traders are holding back as the 200-day simple moving average is heading downward.
According to some sources, DOGE may even fall to $0.13 before the end of the year. Nevertheless, there is still a general consensus that the coin is still moving in a positive direction in the medium term.
Expert predictions And their impact on Dogecoin's future
Other high-level crypto traders, such as DonAlt, also believe that Dogecoin has potential for growth and that it could potentially surpass the $1 mark. Analysts such as Crowe see periodic triangular patterns on Dogecoin's price chart that reflect consolidation phases from 2014 to 2021 and could indicate a breakout.
Crypto trader Kevin pointed out the recent 3-day change in Dogecoin's exchange rate. According to this technical indicator, the cryptocurrency should move in a positive direction. In the past, such an indicator led to a significant price increase: after the appearance of such a signal, the DOGE rate rose by 210%.
Kevin suggested that if Bitcoin moves into the search phase, Dogecoin is likely to follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for further DOGE growth.
Meanwhile, it is still Ilon Musk who is still influencing these price swings. A running commentary from the “U.S. Department of Government Efficiency” (D.O.G.E) caused a price spike. Added to this is his political involvement in the recent news.
Analysts believe Musk's overall influence and his ties to pro-cryptocurrency U.S. presidential candidates, such as former U.S. President Donald Trump, will help boost the value of DOGE.
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