Search
Close this search box.

Search

DOGE Eyes Three-Year High: Bulls Aim for 79% Breakout

Join us on :

DOGE 24-hour Price Analysis: Dogecoin Sees 0.96% Uptick in 24 Hours, Continues to Gain Popularity Among Venezuelan Immigrants

Dogecoin (DOGE) is defying the broader crypto market downturn, currently trading in the green. This comes after a positive reaction to the Federal Open Market Committee (FOMC) meeting, which quelled inflation fears.

DOGE Price Poised for Breakout?

DOGE bulls are setting their sights on a significant price increase. Technical analysis suggests a potential 79% breakout, pushing the “King of MemeCoins” to $0.27 – a level not seen in three years. Several factors fuel this bullish sentiment.

Read Also: Dogecoin Turns Bullish as Trading Volume Spikes 47.62%

Increased Investor Interest In DOGE

DOGE’s 24-hour trading volume is up 7%, indicating a rise in investor interest. This positive momentum follows a 13% price jump in anticipation of the FOMC meeting, although the price has since retraced slightly.

Technical Indicators Flash Bullish Signs

(Source: Coinmarketcap)

DOGE’s price action is currently trapped within a descending triangle formation. While these patterns typically lean bearish, there’s a 34% chance of an upside breakout. Additionally, it finds support above its 200-day simple moving average (SMA) but trades below the 50-day SMA, highlighting the ongoing battle between bulls and bears.

Strong Support Levels Exist

Despite the recent pullback, DOGE finds strong support around the $0.12-$0.13 zone. This key level has held firm on three separate occasions in the past four months, demonstrating its robustness. A breakout above this level could trigger the anticipated surge.

Elon Musk Fuels the DOGE Fire

Recent developments involving Elon Musk continue to cast a long shadow over DOGE’s price. The addition of DOGE as a payment option for Tesla, coupled with rumors of its integration into Musk’s X social media platform, continue to stir investor interest.

Dogecoin’s Future Outlook

With a market cap of $20 billion and rising trading volume, DOGE remains a major player in the meme coin space. Positive market conditions, including potential interest rate cuts and receding inflation fears, could propel DOGE and the broader crypto market to new highs.

cryptoboom tele

Share this :

Facebook
Twitter
LinkedIn
Telegram
WhatsApp

Cryptocurrencies have emerged as a transformative force in the global financial landscape, offering decentralized alternatives to traditional currencies and financial