Dogecoin Price: Is A Doubling of DOGE Price On The Horizon With Elon Musk’s Latest Move?
The recent trends in Dogecoin price have shown a bullish pattern, even amidst a struggling overall market. There’s a lot of curiosity around when Bitcoin’s price could regain its upward momentum. A high-profile exchange between Elon Musk and Taylor Swift on social media has reignited interest in Dogecoin. This interaction between Musk and Swift, known for their significant social media influence, has led many investors to speculate on potential gains for Dogecoin.
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The anticipated Trump-Harris debate did not cover crypto topics, resulting in a general market decline that affected Dogecoin as well. Despite this, investors remain optimistic as Dogecoin’s potential price increase of 113% in the coming days is a topic of discussion. Presently, Dogecoin has experienced a 3.2% drop in the last 24 hours and is trading at $0.1004.
Technical Analysis
Looking at the technical analysis, there is a chance that Dogecoin’s price might experience a 6% downturn to $0.092 before aiming for higher levels. The falling channel pattern observed on the 4-hour chart corroborates this possibility.
Additionally, the data from Coinglass indicates an imbalance between the number of long and short positions on different time frames, with a bearish sentiment prevailing on the daily time frame and a bullish sentiment dominating the long-term weekly time frame.
DOGE Daily Time Frame
On the daily time frame, Dogecoin’s price is seen within a falling wedge pattern, typically resolved to the upside, and the breakout from this six-month pattern is anticipated to be significant, possibly exceeding the projected 113% increase.
In terms of resistance levels, Dogecoin’s price is expected to face hurdles at $0.115 and $0.138, with potential targets at $0.17 and $0.21. Conversely, if bears dominate, the meme coin might test lower support levels at $0.08 and $0.07.
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Dr. Olajide Samuel juggles the demands of medical studies with a passion for cryptocurrency. A seasoned blogger, Olajide shares his vast global knowledge of the crypto space, offering insights to enthusiasts. Despite his busy schedule, his commitment to crypto remains strong, and he actively seeks ways to contribute to its future.
