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Dogecoin price

Can Dogecoin Reach $18? Analyst Identifies Signal That Led To 23000% Surge

Best Owie
by Best Owie
1 year ago
·
Posted in Dogecoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Dogecoin is still ripping through the charts after multiple developments, including the announcement from the team that a physical DOGE coin is being sent to the moon. These developments are, however, not the only things driving the price given that indicators are still pointing toward a bullish breakout for the price.

Dogecoin Signal For 23000% Surge

Crypto analyst Tony The Bull has identified an indicator that triggered a 23000% surge in the Dogecoin price the last time it appeared. This signal is produced by the 1-Month (1M) Parabolic SAR and could send the DOGE price above $10.

Related Reading: Crypto Analyst Lists Reasons Why The XRP Price Is Incredibly Bullish

To put this in perspective, the last time that this indicator lined up was back in 2021. This was when Elon Musk’s posts were at the height of their popularity. So coupled with the bullish indicator, it continuously pushed the price until it rose more than 23000%.

In 2021, the Dogecoin price had gone from $0.0025 to $0.7 as a result. If this trend were to repeat itself in the same manner, the peak of the surge could put the price above $18, depending on if it runs out the complete 23000%.

This dog is ready to bite #Dogecoin tags 1M Parabolic SAR

Last signal produced a $DOGE 23,000% rally pic.twitter.com/ZGr9eFCaea

— Tony “The Bull” (@tonythebullBTC) November 16, 2023

However, just like the last time that this indicator appeared, it could take a while until it plays out fully. As the analyst explains in another post, it took the meme coin just shy of one year to complete its 23000% move after the parabolic SAR appeared the last time.

Dogecoin price chart from Tradingview.com

DOGE bulls hold $0.0834 | Source: DOGEUSD on Tradingview.com

DOGE Metrics Heading Up

Although the Dogecoin price has seen a slowdown over the last day, its metrics point to a sustained rally. One example of this is the incredible jump in its trading volume over the last day. As interest has risen in the meme coin, the daily trading volume is up over 100% and is currently sitting at $1.9 billion.

Related Reading: Cardano (ADA) Hits Highest Profitability Levels In 2023, Is It Time To Sell?

This suggests increased buying and selling but as demand pushes through, the price is expected to continue its rally. In addition to this, anticipation leading up to the Dogecoin mission to the moon in December will mount and the launch could trigger new entrants into the asset.

Presently, Dogecoin is still maintaining a good portion of its 24-hour gains, making it one of the top gainers in the market. Its price crossed $0.086 after rising over 8% in one day. But the DOGE price has since dropped down to $0.0839, accounting for 3.88% gains on the daily chart.

Follow Best Owie on X (formerly Twitter) for market insights, updates, and the occasional funny tweet… Featured image from Coins.ph, 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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Best Owie

Best Owie

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Best Owie is a Managing Editor at Bitcoinist with extensive experience and a proficient expert known for crafting captivating and insightful content. Best boasts over six years in the crypto sector, and has supervised the conception and publication of thousands of articles. Best is also a content and marketing strategist with the ability to make sure your content reaches the right audience and beyond. In every aspect, Best stands out as a consummate professional, always striving for unparalleled excellence both within and outside the workplace.

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