Dogecoin on Rise Again? Here's What to Expect This Week
Release: 2024/08/26 18:19 Reading: 865
Elon Musk's Tweets Continue to Influence Dogecoin's Price
Elon Musk's recent update on X (formerly Twitter), depicting himself as an executive in the "Department of Government Efficiency," has once again impacted the value of Dogecoin.
Musk's unwavering support for Dogecoin has earned him the title of "Dogefather," and his posts often create significant movements within the cryptocurrency market, particularly among Dogecoin enthusiasts.
Surge in Dogecoin's Price
Following Musk's post, Dogecoin experienced a 6% price increase, indicating a strong reaction from the crypto community. Prior to this surge, Dogecoin's price had been volatile, dipping to $0.08 in early August after reaching a high of $0.228 in March, marking a 64.47% decline.
Currently, Dogecoin is trading at $0.109, representing a moderate 0.61% increase in the past 24 hours. However, this increase is accompanied by a substantial decrease in trading volume by 32% to $506 million, suggesting a market correction.
Investor Optimism
The overall cryptocurrency market is currently experiencing a positive trend, with Bitcoin consistently above $61,000. This has bolstered investor sentiment and contributed to the general optimism in the market.
Despite this, the global crypto market cap has decreased by 0.29% to $2.24 trillion due to a minor market correction. Bitcoin is currently trading at $63,627, a 0.54% decrease over the past 24 hours.
Correlation with Bitcoin
Investor sentiment remains neutral to positive. Should Bitcoin's price rebound this week, meme coins like Dogecoin are likely to follow suit. Dogecoin's correlation with Bitcoin is currently at 0.96, indicating a strong correlation.
Price Prediction
Over the past week, Dogecoin's price has increased by approximately 9%. If the current downward trend persists, Dogecoin may find support at $0.110.
Conversely, if buyers push the price above its 50-day Simple Moving Average (SMA) of $0.1133, a renewed bullish trend could emerge, potentially leading to a price range of $0.15-$0.19.
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