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Dogecoin

Crypto Analyst Gives Reasons Why A Dogecoin Price Pump Above $0.4 Is Imminent

Scott Matherson
by Scott Matherson
8 months ago
·
Posted in Altcoin News, Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin has once again rebounded at support around $0.31 in the past 24 hours. This rebound comes after a 10-day decline that saw it erase most of its gains in the first half of the month. However, the bulls have been able to defend the $0.31 support level once again to prevent further price declines. 

With the successful rebound now looking like it is done, the next question is whether it can sustain this positive momentum and break above the $0.4 mark, leaving the $0.3 range behind for good. According to an analyst on the TradingView platform, the combination of Elon Musk’s influence, technical indicators, and trends in the broader crypto ecosystem means Dogecoin will shoot above this level soon. 

Dogecoin Price Pump Above $0.4 Is Imminent

Dogecoin is yet to sustain a strong decisive move above $0.4 this market cycle and has spent the most time ranging between $0.3 and $0.4. According to insights by crypto analyst MadWhale, this could change soon with recent market dynamics surrounding Dogecoin’s role in the crypto industry. 

Related Reading: Dogecoin Price Prepares For Monster Rally In Q1, Here’s The ATH Target

Number one, Dogecoin has gained significant prominence alongside billionaire Elon Musk. Musk’s vocal support has increased Dogecoin’s position from just the most prominent meme coin among thousands, making it a staple in his business ventures. His upcoming blockchain-powered payment platform, XMoney, is set to integrate the meme coin across his companies, including Tesla and SpaceX. This initiative could increase the demand for DOGE and further solidify its relevance in Musk’s ecosystem outside the crypto industry.

Dogecoin
DOGE’s move to $0.43 ahead | Source: MadWhale on Tradingview

In addition, Musk’s connection with Donald Trump and their shared engagement with cryptocurrency has drawn renewed attention to the sector before and after the US elections. This collaboration has increased interest among cryptocurrencies, with Dogecoin being one of the primary beneficiaries of this surge in interest.

Technical Indicators And Market Momentum Indicate Pump Above $0.4

From a technical standpoint, analysts have predicted various bullish price targets for Dogecoin using technical indicators and market cycles. This sentiment was also echoed in the analysis of DOGE’s pump above $0.4. A decisive break above the upper trendline of its current channel would solidify the bullish outlooks, even if it were to retest the trendline.

Related Reading: Crypto Analyst Says It’s Time To Buy Dogecoin Again, Here’s Why

Lastly, Dogecoin is tied to broader trends in technology and the crypto space and is in a prime position to benefit from the booming artificial intelligence industry. This rise of artificial intelligence is expected to influence cryptocurrency trading and market dynamics moving forward. Given Musk’s active role in both artificial intelligence and crypto, Doge could benefit from AI advancements and see Dogecoin become integrated into the combination of the two industries. This, in turn, could be the last push needed to sustain a move above $0.4 and reach a new price all-time high above $0.7316.

At the time of writing, DOGE is trading at $0.33 and is up by 6% in the past 24 hours.

Dogecoin
DOGE trading at $0.33 on the 1D chart | Source: DOGEUSDT on Tradingview.com
Featured image from Adobe Stock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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