Dogecoin (DOGE) is capturing the spotlight once again as it undergoes a significant uptick in value, drawing attention from investors and analysts alike. The past week has seen DOGE experience an incredible 14% surge; this may indicate a change in its recent downtrend where its price fell 23% over the last month.
As of the latest update, Dogecoin sets its current price at $0.144628, supported by a trading volume for 24 hours, which amounts to $51.43 billion. Its market cap is at $20.86B. After experiencing a minor dip of 3.02% in the last day, there are signs of a resurgence of bullish sentiment around the meme-inspired cryptocurrency.
Dogecoin Eyes Golden Cross
From the technical point of view, a potentially bullish pattern known as the “golden cross” in Dogecoin price is emerging. The 50-week simple moving average (SMA) of Dogecoin’s spot price is trending upwards and is on track to cross above the 200-week SMA shortly, signaling the formation of a golden cross. This technical pattern suggests that short-term price momentum could surpass long-term momentum, potentially leading to an extended bullish trend.
Momentum traders often utilize moving-average crossovers to identify optimal entry and exit points in the market, and the formation of a golden cross in Dogecoin’s chart could attract further attention from traders seeking bullish opportunities.
Analyst Eyes $0.27 to $0.30 Range
Renowned crypto analyst World Of Charts has shared an upbeat forecast for the price movement of DOGE. According to their analysis, they foresee a significant opportunity for a breakout as DOGE approaches the descending trendline.
If this breakout occurs, they anticipate a substantial bullish surge, propelling the price toward the range of $0.27 to $0.30 in the coming days. This optimistic outlook suggests a potentially lucrative opportunity for investors eyeing the cryptocurrency market.
The renewed bullish sentiment surrounding Dogecoin comes amidst a backdrop of growing interest in cryptocurrencies, particularly among retail investors attracted to the meme-inspired token’s charismatic appeal and potential for high returns.
As Dogecoin keeps capturing the attention of both experienced traders and beginners in the crypto space, all eyes are watching if it can maintain its upward push and hit the expected price targets soon enough.
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