Dogecoin price rose 5.5% during Saturday trading, reaching $0.144. Outperforming a broader market recovery, DOGE prices have seen a parabolic rise following Elon Musk’s DOGE shootout at President Trump’s campaign event, fueling renewed excitement among investors. The rally in price has seen a bullish breakout from a four-month slide, and DOGE buyers are poised to drive a long-term rally.
Dogecoin price sets for parabolic rally: Here’s why
DOGE, the largest meme cryptocurrency by market capitalization, has seen a nine-day rally from $0.105 to $0.144. This 36% jump comes after Elon Musk mentioned DOGE during Trump’s Pennsylvania campaign event, sparking renewed interest and excitement in the Dogecoin community. This is thought to be due to
This strong rally managed to break through the resistance level at $0.143, indicating that DOGE price has broken out of its four-month downward trend. Moreover, weekly chart analysis shows a similar pattern that drove a massive 29,111% rally in 2021.
Comparing the price analysis, we see that the notable correction is the DOGE price, which has shifted sideways to form downside support within a long-term consolidation. The accumulation trend allows buyers to restore bullishness and activate a “test pump” to check the sustainability of the bull market.
If history repeats itself, Dogecoin prices experienced one last drop before igniting a massive bull market. If the buying continues, DOGE price could rise by 700% to the $1.17 level.
DOGE/USD -1 day chart
The coin price retracing its weekly exponential moving average (20, 50, 100, 200) indicates that buyers are increasing their control over this asset.
Crypto analyst calls Dogecoin the “Bitcoin of memes”, hints at bullish future
In a recent tweet, DonAlt, a well-known cryptocurrency analyst, sparked a debate surrounding Dogecoin by calling it the “Bitcoin of memes” and reflecting on its cultural significance in the cryptocurrency space. He also highlighted his long-term relationship with the dog-themed meme coin and recalled his involvement with DOGE since 2014.
The meme Bitcoin is DOGE.
Like when I actually thought about it
— Don Alt (@CryptoDonAlt) October 17, 2024
CryptoDonAlt hinted that he will end his trading career with DOGE in 2025, humorously hinting at a bullish narrative for Dogecoin price predictions.
MVRV reaches crisis level, DOGE faces possible exit
According to recent data from Santiment, Dogecoin’s 30-day market value to realized value (MVRV) ratio has risen to a remarkable 19.7% level, indicating that short-term traders are reaping significant profits. are. The MVRV ratio measures the average profit/loss of traders holding DOGE over a specified time frame and is a key indicator of market sentiment.
Historically, such high MVRV values have been associated with local market highs, as traders typically seek to take advantage of their profits.
30 Days MVRV | Santimento
Dogecoin price may drop from time to time to replenish bullish momentum. The expected pullback will need to remain above the 200-week EMA or sellers could drive a new correction trend.
Frequently asked questions (FAQ)
Dogecoin’s price surge was driven by a 36% rise from $0.105 to $0.144, fueled by renewed excitement among investors following Elon Musk’s mention of “DOGE.”
Dogecoin’s 30-day MVRV ratio stands at 19.7%, suggesting that short-term traders are reaping big profits.
Crypto analyst Don Alto called Dogecoin the “Bitcoin of memes,” hinting at its long-term cultural importance.
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Sahil Mahadik
Sahil is a dedicated full-time trader with over 3 years of experience in financial markets. He has a strong grasp of technical analysis and keeps a close eye on daily price movements of top assets and indices. Drawn by his fascination with financial products, Sahil enthusiastically embraced the emerging field of cryptocurrencies and continues to explore opportunities driven by his passion for trading.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
