Dogecoin (DOGE), initially a mere meme, is once again demonstrating significant market strength. On October 16, 2024, the prominent cryptocurrency rose 16% in the weekly periodto the delight of investors.
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The price rise is accompanied by a substantial increase in trading volume, which has increased by 90% in the last 24 hours, as reported by CoinMarketCap. DOGE is currently traded at $0.122positioning it among the highest performing cryptocurrencies in recent days.
Analysts are closely monitoring these developments, with some predicting a brighter future for Dogecoin despite the mixed near-term indicators.
A bold call for $24
Ali Martinez, a Dogecoin expert, has a discharge prognosis for the canine-themed coin: DOGE could rise substantially and reach the vaunted $10 mark. On October 16, Martinez tweeted about the rising wedge patterns that have been in place since 2017. He said that this trend shows a very positive outlook for a long period of time, which suggests that in the long term, DOGE could reach a value of US$24.
For those who said $10 #Dogecoin $DOGE It’s impossible – show them this graph!
…And tell them to buy some using my referral link https://t.co/73n8mW9Y5p before it’s too late! pic.twitter.com/tqEqYwHEvx
-Ali (@ali_charts) October 15, 2024
Martinez emphasized two critical levels of support from 2021 to 2024 – $0.003 and $0.07. He claims that these levels have contributed to Dogecoin’s upward trajectory and anticipates a significant price increase from its most recent support level.
Musk’s influence remains robust
However, it is impossible to discuss Dogecoin without Elon Musk being mentioned. The billionaire openly supported DOGE, saying “this is the people’s crypto” earlier this year, which significantly appreciated its price.
It can be seen that, on several occasions, the price of Dogecoin has risen by more than 50% in a short space of time whenever Musk publicly expresses his support for the cryptocurrency. Hence, it becomes clear how much power he wields when it comes to affecting the price of the currency.
Dogecoin’s substantial user base, coupled with support from Musk, has positioned the coin to frequently compete with significant altcoins. This DOGE positions itself in a compelling case, straddling the line between a meme and a credible cryptocurrency with lasting promise.
Price projections exhibit variability
There is, however, a slight degree of pessimism that has crept into the market, despite the prevailing optimism. Forecasts are that Dogecoin will likely decline by around 13% and fall to $0.106 by mid-November.
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This momentary bearish view is presented alongside bullish technical signals, particularly the Fear and Greed Index, which is currently at 71, indicating extreme greed among investors.
During the past month, 60% of Dogecoin’s price swings were considered “green”, which caused several traders to remain positive about adopting the uptrend regardless of the predicted drop.
At this time, the market outlook favors buying opportunities, but it is clear that the risk associated with volatility is very high for investors who wish to capitalize on DOGE’s current upward movement.
Featured image from Pexels, chart from TradingView