Dogecoin Price Prediction as DOGE Overtakes Cardano – $10 DOGE Possible in 2024?

Publikováno: 29.3.2024

Amid Elon Musk's hints and a buoyant market, Dogecoin's bullish run faces tests at $0.2255, with an overbought RSI suggesting caution.

The post Dogecoin Price Prediction as DOGE Overtakes Cardano – $10 DOGE Possible in 2024? appeared first on Cryptonews.

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Dogecoin

Dogecoin has witnessed a remarkable surge, touching $0.217210 with trading volumes soaring to $5.84 billion.

The meme coin’s ascent of nearly 12% positions it as the 8th largest cryptocurrency, boasting a market capitalization of over $31 billion.

Despite the absence of a maximum supply cap, Dogecoin’s circulating tally stands at 143.66 billion. Let’s take a look at Dogecoin price prediction and fundamental’s outlook.

Dogecoin Price Prediction


The pivot point is established at $0.2063, with Dogecoin currently exceeding this threshold, indicating a bullish sentiment.

Resistance levels are pegged at $0.2255, $0.2449, and $0.2661. Should Dogecoin’s upward trajectory persist, these markers will be crucial to watch.

Conversely, support levels are found at $0.1888, $0.1699, and $0.1483, which could stabilize any potential downturns.

The Relative Strength Index (RSI) at 77 hints at an overbought condition, suggesting a possible pullback.

Additionally, the 50-day Exponential Moving Average (EMA) at $0.1756 reflects the sustained bullish trend.

The breach of the upward channel at $0.2190 hints at further potential gains, but the appearance of an inverted hammer pattern warns of a potential correction.

Dogecoin Soars on X Platform Speculation and Musk’s Influence


Dogecoin’s price rally to its highest since December 2021 has been underpinned by significant speculation within the community, particularly concerning its integration into the X platform’s payment system.

Despite the broader market’s stability, Dogecoin remains sensitive to developments related to Elon Musk’s enterprises, including X and Tesla, driving speculative trading.

Recent discussions within the Dogecoin community about X’s payment branch gaining more licenses in the U.S. have sparked expectations of cryptocurrency payment implementations.

While Elon Musk previously stated that X Payments’ initial phase wouldn’t feature crypto, the community remains abuzz with anticipation.

Conclusion


The current trajectory of Dogecoin is bullish above the $0.2255 mark, with potential for further escalation if it maintains above this level.

However, the market must remain cautious of an overbought RSI and the speculative nature of recent price movements.

If Dogecoin falls below $0.2255, it could signal a shift towards a bearish correction.

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The post Dogecoin Price Prediction as DOGE Overtakes Cardano – $10 DOGE Possible in 2024? appeared first on Cryptonews.

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