At press time, Dogecoin saw a significant boost, rising to $0.141556 after a 1.77% boost that took place in the last 24 hours. During the week, the price of the meme coin rose quite high, reaching a 30% boost, which pushed its 24-hour trading volume to $1.9 billion, with an boost of 35%.
Positive sentiment and DOGE growth rates
According to market analysts, there are many indicators indicating that this is the right time to invest in DOGE. As Digitalcoinprice pointed out, several technical signals have already turned green, indicating that investors will see brightness in the token’s future. Over the last 30 days, the coin’s price has increased by 37%. Predictions indicate that the coin may grow even more.
One of the strongest signs of a bullish trend is a rising 50-day uncomplicated moving average curve, which could be a good time for buyers to get into the action. However, investors are holding off as the 200-day SMA declines.
According to some reports, DOGE may even rise to $0.13 before the end of the year. Nevertheless, when it comes to the bigger picture, the consensus is still that the coin is still heading in a positive direction for the coin’s medium-term trends.
Expert forecasts and their impact on the future of Dogecoin
Other high-level cryptocurrency players such as DonAlt also believe that Dogecoin has the makings of growth and could potentially break the $1 mark. Analysts like Crow see Dogecoin’s sporadic triangular patterns on the price chart, which reflect consolidation phases from 2014 to 2021 and could indicate a breakout.
Dogecoin is like Bitcoin among meme coins!
Don’t like it? Too bad, you don’t count.$DOGE reaches $1. pic.twitter.com/mr5tVxFS2c
— CROW (@TheCrowtrades) October 18, 2024
Crypto trader Kevin highlighted the recent 3-day flip on Dogecoin. According to this technical indicator, the cryptocurrency should trend in a positive direction. In the past, such an indicator resulted in huge price increases; When this signal appeared, DOGE grew by 210%.
One last time #Dogecoin reversed the 3-day supertrend and created a buy signal #DOSE pumped 212%. I think we may see something similar if not bigger this time, especially if #BTC enters the price discovery process pic.twitter.com/azHFpo1plo
— Kevin (@Kev_Capital_TA) October 19, 2024
Kevin suggested that if Bitcoin enters the discovery phase, Dogecoin will likely follow. He also mentioned the upcoming “golden cross” on the weekly chart, which is a bullish signal for DOGE to continue its growth.
Meanwhile, these price movements continue to be influenced by Elon Musk. A passing comment by “U.S. Department of Government Efficiency” (DOSE) caused prices to boost. Adding to this complexity is his political involvement in the latest news.
Analysts believe Musk’s overall influence and his ties to pro-crypto U.S. election candidates such as former U.S. President Donald Trump will lend a hand DOGE’s value rise.
Featured image from Techopedia, chart from TradingView
