Dogecoin Ready For $0.3? Analysts Bullish On DOGE Price Breakout Attempt
Release: 2024/07/30 09:34 Reading: 645
- Original author：NewsBTC
- Original source：https://www.newsbtc.com/?p=632146
Dogecoin Surges Amid Bullish Outlook and Elon Musk's Remarks
Over the weekend, Dogecoin (DOGE) experienced an 11% surge, buoyed by the general market's performance. This price increase has prompted crypto analysts to make bullish predictions for the memecoin.
Positive Outlook from Analysts
Several market watchers have expressed optimism for DOGE's future. Daan Crypto Trades noted that it has "shown some strength" after trading above the daily 200 MA/EMA last week and testing a crucial trendline. They believe DOGE could rise further in the coming weeks if it maintains the $0.13 support level.
Analyst Crypto Poseidon also highlighted the potential for DOGE to break out of its downtrend, citing the convergence of daily EMA50 and EMA200. They predict a surge towards the previous yearly high of $0.22, potentially reaching $0.3.
Crypto analyst Ali Martinez observed that DOGE is following a historical pattern of consolidation in a descending triangle. In the past, this pattern has led to a significant rally before a retracement. Martinez advises investors to be patient, as DOGE may enter a bull run after the retracement.
Elon Musk's Comments on Crypto and DOGE
On Sunday, Tesla CEO Elon Musk participated in an event where he discussed his views on cryptocurrencies. While he clarified that he would not promote crypto, he expressed a fondness for Dogecoin due to his affection for dogs and memes.
The DOGE community had mixed reactions to Musk's remarks. Some interpreted them as a loss of support for the memecoin, while others saw them as a positive sign, indicating his continued interest in DOGE.
Impact on DOGE's Performance
Following Musk's comments, the price of DOGE rose 8%, moving from $0.1204 to $0.1355 overnight. This increase reflects the ongoing bullish sentiment for the memecoin, driven by both technical indicators and the influence of influential individuals like Elon Musk.
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