At the time of writing, Dogecoin proved to be significantly higher, surging to $0.141556 after gaining 1.77% within the past 24 hours. Over the course of the week, Meme Coin rose a hefty 30%, with 24-hour trading volume increasing by 35% to $1.9 billion.
Indicators of positive emotions and DOGE rise
Market analysts say there are a number of indicators that indicate it’s the right time to invest in DOGE. As observed by Digitalcoinprice, some technical signals have already turned green, indicating that traders are feeling positive about the future of the token. This coin has gained 37% in the past 30 days. Predictions suggest that the coin could rise further.
One of the strongest signs of a bullish trend is the rising curve of the 50-day simple moving average, which could be a good period for buyers to get in on the action. However, traders are holding back as the 200-day SMA has fallen.
As some have reported, DOGE could even rise to $0.13 by the end of the year. Nevertheless, there is a consensus on the fact that from a larger perspective, things are still positive for the coin’s medium-term trend.
Expert predictions and impact on Dogecoin’s future
Other high-end cryptocurrency traders, such as DonAlt, also believe Dogecoin has bullish qualities and could break above the $1 mark. Analysts like Crowe say they occasionally see a triangular pattern on Dogecoin’s price chart, which reflects a stage of consolidation from 2014 to 2021 and could signal a breakout. be.
Cryptocurrency trader Kevin highlighted Dogecoin’s recent three-day reversal. According to this technical indicator, the cryptocurrency is expected to move in a positive direction. In the past, such indicators led to significant price increases. Once such a signal appeared, DOGE rose by 210%.
last time #Dogecoin Reversed a 3-day supertrend and created a buy signal #Doge Pumped up by 212%. I think we’ll see something similar, if not bigger, this time around, especially when: #BTC Enter price discovery pic.twitter.com/azHFpo1plo
Kevin suggested that if Bitcoin enters the discovery phase, Dogecoin is likely to follow suit. He also mentioned the upcoming ‘golden cross’ on the weekly chart, which is a bullish signal for DOGE to continue rising.
Meanwhile, it is still Elon Musk who is influencing these price movements. A casual comment from the Department of Government Efficiency (DOGE) caused the price to soar. Compounding this complexity is his political involvement in recent news.
Analysts believe that Musk’s overall influence and involvement with pro-crypto U.S. election candidates, such as former U.S. President Donald Trump, will help boost DOGE’s value.
Featured images from Techopedia, charts from TradingView
