At the time of writing, Dogecoin appeared to have risen significantly, rising to $0.141556 after growing 1.77% in the last 24 hours. Within a week, the meme coin has soared quite high with an increase of 30%, pushing its 24-hour trading volume to $1.9 billion with an increase of 35%.
Positive sentiment and indicators for DOGE Ascent
According to market analysts, there are a number of indicators that show that this is the right time to invest in DOGE. As observed by Digitalcoinprice, several technical signals have already turned green, indicating that traders see clarity in the token’s future. The coin is up 37% in the last 30 days. The predictions indicate that the coin could go even higher.
One of the strongest indications of the bull trend is when the 50-day Simple Moving Average curve is trending upward, which can be a good time for buyers to take action. However, traders are holding back as the 200-day SMA falls.
As some are reporting, DOGE could even go to $0.13 before the end of the year. Nevertheless, in the bigger picture, there is still consensus that the currency is still moving in a positive direction.
Expert predictions and influences on the future of Dogecoin
Other high-level cryptocurrency traders such as DonAlt also believe that Dogecoin has the potential to be bullish and could potentially cross the $1 mark. Analysts like Crow occasionally see Dogecoin triangular patterns on its price chart that reflect the consolidation phases from 2014 to 2021 and could indicate a breakout.
Dogecoin is like Bitcoin of the meme coins!
Don’t like it? Too bad, you don’t matter.$DOGE goes to $1. pic.twitter.com/mr5tVxFS2c
— CROW (@TheCrowtrades) October 18, 2024
Crypto trader Kevin has highlighted a recent three-day flip in Dogecoin. According to this technical indicator, the cryptocurrency should move in a positive direction. In the past, such an indicator resulted in a huge price increase; DOGE rallied 210% as soon as such a signal appeared.
The last time #Dogecoin reversed the 3-day supertrend and created a buy signal #DOGE pumped 212%. I think we could see something similar, if not bigger, this time around, especially if #BTC goes into price discovery pic.twitter.com/azHFpo1plo
— Kevin (@Kev_Capital_TA) October 19, 2024
Kevin suggested that if Bitcoin enters a discovery phase, Dogecoin will likely follow. He also mentioned the upcoming ‘golden cross’ on the weekly chart, which is a bullish signal for DOGE to rise further.
Meanwhile, it is still Elon Musk who influences these price movements. A passing comment from the US Department of Government Efficiency (DOGE) has 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 contribute to a rise in value for DOGE.
Featured image from Techopedia, chart from TradingView