At the time of this publication, Dogecoin It was found to have gained significantly by jumping to $0.141556 after a 1.77% growth that occurred in the last 24 hours. Within a week, the meme coin rose sharply, with a 30% increase, which boosted its 24-hour trading volume to $1.9 billion, with a 35% increase.
Positive sentiment and indicators for DOGE rise
According to market analysts, there are a series of indicators that show that it is the right time to invest in DOGE. As noted by Digitalcoinprice, several technical signals have already turned green, indicating that traders see brightness in the token’s future. The coin is up 37% in the last 30 days. Forecasts suggest the currency could rise further.
One of the strongest indications of the uptrend is the 50-day simple moving average curve rising, which could be a good period for buyers to get in on the action. However, traders are holding back as the 200-day SMA falls.
As reported by some, DOGE may even reach $0.13 before the end of the year. However, in the bigger picture, there is still consensus on the fact that it is still moving in a positive direction for the currency’s medium-term trends.
Expert predictions and influences on the future of Dogecoin
Other high-profile cryptocurrency traders too, like DonAlt, believe that Dogecoin has all the makings of bullishness and could potentially surpass the $1 mark. Analysts like Crow see Dogecoin’s occasional triangular patterns on its price chart that reflect phases of consolidation from 2014 to 2021 and may indicate a break.
Dogecoin is like the Bitcoin of meme coins!
Don’t you like that? Too bad, you don’t matter.$DOGE goes to $1. pic.twitter.com/mr5tVxFS2c
– CROW (@TheCrowtrades) October 18, 2024
Crypto trader Kevin highlighted a recent 3-day turnaround in Dogecoin. According to this technical indicator, the cryptocurrency is expected to show a positive trend. In the past, such an indicator resulted in a huge rise in prices; DOGE saw a 210% rally when this signal appeared.
The last time #Dogecoin reversed the 3-day supertrend and created a buy signal #DOGE pumped 212%. I think we might see something similar, if not bigger, this time, especially if #BTC enter price discovery pic.twitter.com/azHFpo1plo
– Kevin (@Kev_Capital_TA) October 19, 2024
Kevin suggested that if Bitcoin enters a discovery phase, Dogecoin is likely to follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for DOGE to continue rising.
However, it is still Elon Musk who influences these price movements. A passing comment from the “U.S. Office of Government Efficiency” (DOGE) caused a price increase. Adding to this complexity is his political involvement in recent news.
Analysts believe that Musk’s overall influence and association with pro-crypto US election candidates such as former US President Donald Trump will help increase the value of DOGE.
Featured image from Techopedia, chart from TradingView