π Dogecoin Surges Amid Bull Run
Dogecoin (DOGE) price has surged, fueled by the ongoing crypto bull run and risk-on sentiment. As bullish momentum grows, analysts are exploring how high DOGE could rise in 2024.
π Technical Indicators Signal Strength
DOGE recently flipped $0.2280, a key resistance level, into support. The coin is trading above its 50-day and 200-day EMAs, with the ADX at 30, indicating a strong trend. DOGE has also surpassed the 50% Fibonacci Retracement level, with the MVRV indicator pointing upwards. Analysts suggest DOGE could reach $0.7350, its all-time high, a 90% gain, and potentially hit $1, a 156% increase.
β οΈ Support Levels to Watch
The bullish view will be invalidated if DOGE falls below $0.2280, potentially dropping to $0.10, a psychological support level.
π Whales Drive Accumulation
Whales have bought $245 million worth of DOGE in the past week, fueling the price surge. Spot and futures trading volume exceeded $10 billion in 24 hours, surpassing Shiba Inu, Pepe, Bonk, and Floki combined.
π Catalysts Ahead
Elon Muskβs leadership in the Department of Government Efficiency (DOGE) and speculation about a potential DOGE ETF approval in 2025 further boost optimism. Analysts see these factors as key drivers for Dogecoinβs continued rise.
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