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Cryptocurrency News Articles
Dogecoin (DOGE) Gains Significantly, Market Analysts See Brightness in the Future of the Token
Oct 23, 2024 at 09:30 am
At press time, Dogecoin was found to have gained significantly as it jumped to $0.141556 following a 1.77% growth that occurred within the last 24 hours.
Dogecoin price analysis (March 24) : Good time to buy DOGE as several technical indicators turn green Dogecoin price analysis for today shows that the meme coin has had a good start to the new week, with a 1.77% growth in the last 24 hours, bringing the price to $0.141556. In the last week, the coin has also performed well, rising by 30%, and the 24-hour trading volume has increased by 35% to $1.9 billion.
Relative Strength Index (RSI) is now in the overbought zone, indicating that the coin may experience a minor correction before continuing its upward trend. Several technical indicators, however, show that now is a good time to buy DOGE.
As Digitalcoinprice noted, several technical indicators have already turned green, indicating that traders are optimistic about the future of the token. The coin has risen by 37% in the last 30 days. The predictions hint that the coin might go even higher.
One of the strongest indications of the bull trend is the curve of the 50-day Simple Moving Average going upward, which may be a good period for buyers to get in on the action. However, the traders are holding back as the 200-day SMA is going down.
As reported by some, DOGE may even go to $0.13 before the year ends. Nevertheless, on the bigger picture, there is still a consensus over the fact that it is still moving in a positive direction for the medium-term trends of the coin.
DonAlt, a high-level cryptocurrency trader, also believes that Dogecoin has the makings of being bullish and can potentially exceed the $1 mark. Analysts like Crow see the occasional triangular patterns of Dogecoin in its price chart that reflect phases of consolidation from 2014 to 2021 and can indicate a breakout.
Crypto trader Kevin has highlighted a recent 3-day flip in Dogecoin. According to this technical indicator, the cryptocurrency is supposed to trend in the positive direction. In the past, such an indicator resulted in a huge price rally; DOGE had a 210% rally once such a signal appeared.
Kevin also suggested that if Bitcoin falls into a discovery phase then it’s likely Dogecoin will follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for DOGE to continue upward.
Meanwhile, Elon Musk's influence continues to drive these price movements. A passing comment by the “US Department of Government Efficiency” (D.O.G.E) has caused a price surge. Adding to this complexity is his political involvement in recent news.
Analysts feel Musk’s overall influence and association with pro-crypto US election candidates such as former US President Donald Trump will aid in an increase in value for DOGE.
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