Dogecoins 30% Rally Sparks $1 Speculation: Are Traders Prepared?
- Dogecoin surgd ovr 30% in on wk, outprforming lrgr ltcoins nd rching $0.14.
- Crypto trdrs highlight bullish tringulr pttrns suggsting potntil brkout towrds th $1 mrk.
- Elon Musks continud support nd politicl involvmnt dd momntum to Dogecoins pric prospcts.
Dogecoin hs xprincd rmrkbl surg in rcnt dys, outprforming mny of its lrgr ltcoin countrprts. Th mm coins pric hs incrsd by ovr 30% in just on wk, rching bov $0.14. This unxpctd rlly hs ld nlysts to spcult tht Dogecoin could b on its wy to rching th covtd $1 mrk.
Traders Point to Bullish Patterns Suggesting Breakout
Crypto trdr DonAlt, mong othrs, is bullish on Dogecoins prospcts. DonAlt blivs strong ovrll crypto mrkt could propl Dogecoin pst th $1 thrshold. Similrly, trdr Crow xprssd confidnc in DOGEs potntil, stting it is lik Bitcoin of th mm coins. Crows chrt nlysis, spnning from 2014 to 2024, highlights thr tringulr pttrns tht suggst potntil brkout.
Th first tringl, btwn 2014 nd 2017, shows priod of pric consolidtion followd by brkout during th 2017 crypto boom. A similr pttrn formd from 2018 to 2021, lding to significnt pric surg tht pkd in rly 2021.
Crow highlights currnt tringl pttrn from 2022, mirroring prvious consolidtion phss. This ongoing pttrn hints t potntil brkout for DOGE. Should history rpt itslf, th chrt suggsts brch of crucil rsistnc lvls, potntilly pushing DOGE towrds th much-nticiptd $1 trgt.
Supertrend and Golden Cross Indicators Signal Optimism
In an Octobr 19th post, nlyst Kvin pointd out tht DOGEs rcnt flip of th 3-Dy suprtrnd, tchnicl indictor oftn usd to idntify mrkt trnds, hs historiclly bn followd by significnt pric rllis. Citing prvious instnc whr DOGE xprincd 212% rlly ftr similr suprtrnd flip, Kvin xprssd optimism bout rpt prformnc, spcilly if Bitcoin ntrs priod of pric discovry.
Kvin lso notd, A wkly goldn cross on Dogecoin is imminnt th first in 4 yrs. This tchnicl pttrn, whr short-trm moving vrg crosss bov long-trm moving vrg, is considrd bullish signl, indicting potntil upwrd pric momntum.
Additionlly, Elon Musks influnc on Dogecoin rmins undnibl. During rcnt Donld Trump rlly, Musks simpl rspons of Ys, DOGE whn skd bout th US Dprtmnt of Govrnmnt Efficincy (DOGE) triggrd notbl pric incrs.
Musks growing politicl involvmnt, including rcnt $75 million dontion to pro-Trump orgniztion, dds nothr lyr of complxity to th qution. Anlysts spcult tht this conflunc of fctors Musks support for Dogecoin nd his ssocition with pro-crypto cndidt Trump could furthr driv DOGEs vlu highr.
Related Readings | TRON Breaks into Top 10 with Impressive 24% Market Cap Growth in Q3
Read more: https://www.tronweekly.com/dogecoins-30-rally-sparks-1-speculation/
Text source: TronWeekly
