Dogecoin (DOGE) Price on the Cusp of a Bullish Liftoff Amid Meme Coins Frenzy
Release: 2024/05/28 01:54 Reading: 743
Dogecoin (DOGE) Price on the Verge of a Bullish Liftoff Amid Meme Coin Frenzy
Source: Coinpedia Fintech News
Dogecoin (DOGE), the iconic meme coin secured by the legendary proof-of-work (PoW) consensus method, has been gaining bullish momentum after successfully retesting the macro uptrend breakout.
The large-cap meme coin, backed by tech billionaire Elon Musk and over 7.3 million holders, has been forming a similar fractal breakout as previous macro bull cycles.
Notably, most meme coins – led by Floki Inu (FLOKI) and Pepe (PEPE) – have experienced a significant bullish uptrend in the past two weeks.
However, Dogecoin's price against the US dollar has been approaching the apex of an ascending triangle with a mild resistance of around $0.17.
Midterm Targets for Dogecoin Price
Market long $DOGE, stop 0.165, target 0.175 pic.twitter.com/52T2ISnlFV— Muro (@MuroCrypto) May 27, 2024
According to popular crypto analyst Munro, with over 348k X followers, Dogecoin is poised to rally beyond 20 cents if it consistently closes above $0.175 in the coming days. Dogecoin's price against the US dollar has repeatedly retested the 50 daily Moving Average (MA) after establishing a solid support level of around 14 cents.
With the daily 50 Relative Strength Index (RSI) now acting as a robust support level, it is reasonable to assume that Dogecoin is targeting the 70 level in the near term. From a macro perspective, Dogecoin is in the early stages of a crypto bull run that is expected to continue for the next few quarters.
Why Bet on Dogecoin
Tesla accepts only one cryptocurrency: Dogecoin pic.twitter.com/FIvcMeurnP— DogeDesigner (@cb_doge) May 27, 2024
The Dogecoin community has been anticipating Elon Musk's integration of the meme coin with the X platform for payments, which would enhance its utility and liquidity. DOGE is already accepted as payment for Tesla products and has been used to fund a space mission with SpaceX.
As the leading meme coin, Dogecoin is likely to be adopted by more institutional investors, with some analysts predicting the emergence of a DOGE ETF in the near future.
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