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The price of Dogecoin (DOGE) is showing some rare bullish momentum in the market today, as it rose an astounding 14% in 24 hours. According to data from CoinMarketCap, Dogecoin price soared from a low of $0.1105 to a high of $0.1282 before settling at the current level of $0.1262.
Why is Dogecoin soaring today?
The rise in Dogecoin’s price has been a surprising development for the market as a whole, as Dogecoin started the trading day on a very bearish note. Broad meme coin sentiment has declined over the past few days as new entrants grab investor attention.
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The soaring price of Dogecoin is a trend caused by the significant recovery in Bitcoin prices. After breaking through the $68,000 price mark, the topcoin is now eyeing the $70,000 price level, which it has not breached since at least early June of this year.
If Bitcoin can achieve price appreciation, the DOGE correlation could cause memecoins to follow a similar path. In the latest outlook, Dogecoin is currently trying to break out of the $0.13 resistance level that has been a barrier for the past month.
Are you expecting a strong run?
Many analysts predict that DOGE price is poised to rise parabolically, with indicators such as TD Sequential showing a buying trend.
This increased growth momentum for Dogecoin has sparked hopes that the long-awaited bull market may finally be activated. Overall, DOGE whale activity, active addresses, and general adoption will drive price appreciation.
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However, market growth is never linear, and DOGE’s price may experience some pullback before surging in the coming days. This rally has repositioned the digital currency in line with Uptober’s rise.
If this pace continues, DOGE could eventually see a monthly growth rate of over 24%.
