Dogecoin Jumps Over 16% In The Last Week — More Gains To Come?
18 October 2024 - 6:00AM
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Dogecoin (DOGE), initially a mere meme, is demonstrating
significant market strength once more. On October 16, 2024, the
prominent cryptocurrency surged by 16% in the weekly frame, to the
delight of investors. Related Reading: SUI Price Hits All-Time High
– But Questions About Valuation Remain The price surge is
accompanied by a substantial rise in trading volume, which has
increased by 90% in the last 24 hours, as reported by
CoinMarketCap. DOGE is presently trading at $0.122, positioning it
among the highest-performing cryptocurrencies in recent days.
Analysts are closely monitoring these developments, with some
predicting a more promising future for Dogecoin, despite ambiguous
indicators in the short term. A Bold Call For $24 Ali Martinez, a
Dogecoin expert, has a bullish prognosis for the canine-themed
coin: DOGE can increase substantially and hit the vaunted $10 mark.
On October 16, Martinez tweeted over the rising wedge patterns that
have been in place since 2017. He said that this trend shows a very
positive outlook for a long period of time which suggests that, in
the long term, DOGE could attain a value of $24. To anyone who said
$10 #Dogecoin $DOGE is impossible—show them this chart! … And tell
them to buy some using my referral link https://t.co/73n8mW9Y5p
before it’s too late! pic.twitter.com/tqEqYwHEvx — Ali
(@ali_charts) October 15, 2024 Martinez emphasized two critical
support levels from 2021 to 2024—$0.003 and $0.07. He asserts that
these levels have contributed to Dogecoin’s upward trajectory, and
he anticipates a significant price surge from its most recent
support level. Musk’s Influence Remains Robust Meanwhile, it is
impossible to have a discussion on Dogecoin without Elon Musk being
mentioned. The billionaire has been openly supportive of DOGE
saying ‘this is the people’s crypto’ earlier this year which
appreciated its price significantly. It can be observed that, on
several occasions, the price of Dogecoin has surged by more than
50% within a short span of time whenever Musk publicly expresses
his support for the cryptocurrency. Hence, it is clear how much
power he wields when it comes to affecting the price of the coin.
The substantial user base of Dogecoin, coupled with Musk’s backing,
has positioned the coin to frequently contend with significant
altcoins. This positions DOGE in a compelling situation, straddling
the line between a meme and a credible cryptocurrency with enduring
promise. Price Projections Exhibit Variability There is however a
slight degree of pessimism that has creeped into the market despite
the prevailing optimism. Predictions are such that Dogecoin is
likely to decrease by an estimated 13% and drop to $0.106 by the
middle of November. Related Reading: WLFI Token Launch, Backed By
Trump, Falls Flat On $300 Million Fundraising Target This momentary
bearish view is offered alongside bullish technical cues,
particularly the Fear & Greed Index, which currently stands at
71, indicating extreme greed among investors. Over the past month,
60% of the price swings of Dogecoin have been termed as ‘green’,
which has made several traders remain positive on its bullish trend
adoption, irrespective of the forecasted dip. At the moment, the
market outlook favors buying opportunities however it’s clear that
the risk associated with volatility is very high for those
investors who wish to capitalize on the current upward movement of
DOGE. Featured image from Pexels, chart from TradingView
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