Crypto analyst says Dogecoin (Doge) cryptocurrency is ready for gigantic rally.
The current trade price of Dogecoin (DOGE), a top-ranked meme cryptocurrency popular due to the direct support of the world’s richest person, Elon Musk, is $0.13. This price is 16% higher over the last 7 days but 16.4% down over the last 3 months.
In recent days, the trade price of Dogecoin surged rapidly due to a few key reasons. It hit its highest monthly level, with a 19% increase in trader participation. The overall positive trend in the cryptocurrency market, especially Bitcoin’s strength, also played a role.
Additionally, political developments, like Joe Biden’s announcement of not seeking re-election, increased the chances of a pro-crypto candidate like Donald Trump, which boosted Dogecoin’s value.
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Also it is worth it to note that, In the last 24 hours, many reports noted that Dogecoin fan Elon Musk has shown his inclination toward the crypto sector. Reportedly, he plans to make some big statements regarding Bitcoin and Dogecoin at the upcoming Bitcoin conference event.
Crypto analysts believe Dogecoin’s recent rise might lead to more gains, and this could also pump other crypto meme tokens like Floki and Shiba Inu. However, they advise caution, as there might be a price drop soon.
Despite $Doge’s price rise, overall sentiment is still negative. Analysts note a bullish falling wedge pattern, hinting at a possible 66% rally.
However, bearish signals like rising funding rates and more short positions might limit this breakout. On the other hand, bullish indicators such as the MACD and MVRV ratio suggest further upward movement.
Therefore, while $Doge’s 15% price increase and the falling wedge pattern indicate potential for a 66% rally, high short positions and funding rates could restrict these gains.
Read also: Bitcoin and Solana Surge Amid Historic Election Shifts: 5 Key Factors Driving Bitcoin Toward $100K
Expert Forecasts Massive 66% Surge for Elon Musk’s Favoured Dogecoin!
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