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

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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.

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