Dogecoin (DOGE) Gains Momentum as Elon Musks Support Fuels Bullish Outlook
Dogcoin (DOGE), th populr mmcoin, hs bn fcing downwrd prssur in rcnt wks, following th brodr brish trnd in th cryptocurrncy mrkt. This dclin hs impctd invstor confidnc, cusing concrns ovr DOGEs futur prformnc. Howvr, rcnt dvlopmnts hint t th possibility of bullish turnround for th coin.
A ky fctor contributing to rnwd optimism is th continud bcking from Elon Musk, long-tim supportr of Dogcoin. On Sptmbr 7, Musk flotd th id of crting nw govrnmnt institution, dubbd DOGEn cronym for th Dprtmnt of Govrnmnt Efficincy. This nnouncmnt sprkd xcitmnt within th Dogcoin community, lding to spcultion bout potntil short-trm pric surgs fuld by Musks significnt influnc ovr th mrkt.
Sinc Musks twt, its pric hs surgd by 12.26%, voking mmoris of th mmcoins rlir pric booms. Th coin hs lso sn noticbl ris in opn intrst (OI) nd funding rts within th futurs mrkt.
According to Coinglss, its OI in th futurs mrkt incrsd from $442.37 million on Sptmbr 7 to $501.42 million by Sptmbr 14, rflcting rising numbr of trdrs ntring th mrkt. Additionlly, th funding rts for Dogcoin futurs hv turnd positiv, strong signl of growing bullish sntimnt mong trdrs.
DOGE Technical Indicators Signal Uptrend
Th Mony Flow Indictor (MFI) provids furthr vidnc of ccumultion, jumping from low of 20.61 on August 5 to 66.87 t prsnt. Likwis, th Rltiv Strngth Indx (RSI) stnds t 54.94, suggsting tht DOGE bulls r slowly rgining momntum, s th RSI rmins bov its midpoint with no significnt sll prssur.
A rspctd crypto nlyst, ZAYK Chrts, prdicts notbl pric incrs in th nr futur. H points out tht DOGE hs bn confind within flling wdg pttrn sinc Mrch, tchnicl formtion oftn sn s bullish indictor. ZAYK Chrts nots tht onc it brks out of this wdg pttrn, it could triggr substntil bullish wv.
Currntly, it is trding round th 50-dy xponntil moving vrg (EMA) t pproximtly $0.106. A dcisiv brkout bov th 50-dy EMA could driv th pric towrd th wdgs uppr trndlin, nr $0.108. If th coin brks through this uppr trndlin, th pric could climb s much s th wdgs mximum hight, stting potntil yr-nd trgt of $0.193.
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Text source: TronWeekly
