Dogecoin To Moon ! DOGE Price Poised For 8x Rally This Crypto Bull run

reportcryptos.com
3 Min Read

In the aftermath of the spot Bitcoin Exchange Traded Fund (ETF) debut, the digital currency landscape experienced a mild retraction, with Dogecoin (DOGE) leading the descent with a 1.80% drop to $0.08479 in the past 24 hours. The concern deepens as trading volume plunges by 27% to $609,330,772, revealing potential struggles for Dogecoin.

Notably, Dogecoin’s large transaction volume, a key metric, has fallen by 5.89% to approximately $1.3 billion in the last 24 hours, signaling challenges for the meme coin. However, amidst this, the broader altcoin sector showcases resilience, with prominent altcoins recording growth ranging between 12% to 20%. Furthermore, the memecoin sector, including Dogecoin and Shiba Inu, displays a recovery, surpassing previous setbacks, fueled by substantial investor accumulation, as indicated by on-chain data.

However, one analyst predicts a reversal is on the horizon, so things might change shortly.

Technical Analysis of Dogecoins, Good time to Invest? 

Despite the recent challenges, a crypto analyst named CryptoCheck suggests that Dogecoin may have entered a buy zone. Analyzing various time frames, including the four-hour and weekly, the analyst sees potential for a bullish trend. The identified buy zone spans between $0.078 and $0.084, aligning with analysis from crypto analyst Skew, indicating favorable risk-reward dynamics above $0.087 for potential investors. 

On the flip side, the MVRV ratio for Dogecoin went above 1. This means that buyers have been buying Dogecoin when its market value was less than its realized value, which has caused its price to rise.

Dogecoin’s attempt to get back above the 200-day exponential moving average (EMA) at $0.09 failed, which suggests that buyers are in charge of these higher prices. However, there are still buyers near the $0.081 mark. At this writing, the price of DOGE is $0.085, which is down more than 0.8% from yesterday.

Balancing Potential Upside with Short-Term Realities

Anticipating significant upside potential, CryptoCheck foresees an 800% price surge for Dogecoin, emphasizing the coin’s evolution from a joke to a noteworthy cryptocurrency, attributed to the steadfast support from its community. Noteworthy developments, such as Elon Musk’s X launching a peer-to-peer payments platform in 2024, fuel expectations that Dogecoin could play a pivotal role in this venture. 

Apart from this, Musk has also kept his Dogecoin investments, and his aerospace firm, SpaceX, still has a significant stake in Bitcoin. This shows that he is taking a diverse approach to digital assets.

Looking at such a risky change of affairs, CryptoCheck remains cautious in the short term, highlighting the bearish trend and the necessity for the price to establish support before a sustained upward movement. While optimistic about the altcoin’s future, the analyst emphasizes the need for caution in the current market scenario.

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