Dogecoin price movements have sparked interest in its future potential, with many analysts providing optimistic Dogecoin price predictions.
Analysts like Rickus note a steeper trend angle in Dogecoin’s chart compared to previous cycles, predicting a breakout in five to six weeks and subsequent resistance retests.
This outlook is supported by growing transaction volumes and more daily active addresses.
With the number of addresses holding Dogecoin reaching 90 million, rising adoption highlights the potential for continued bullish Dogecoin price prediction.
Dogecoin Price Rally Driven by Increased Interest and Analyst Predictions
The recent upward rally in Dogecoin is driven by increased trader interest and improving key metrics. Analysts like Rickus note a steeper trend angle in Dogecoin’s chart compared to previous cycles, predicting a breakout in five to six weeks and subsequent resistance retests.
Additionally, MikybullCrypto anticipates a post-halving rally, highlighting bullish indicators such as growing transaction volumes (up 37.5%) and daily active addresses (up 2.3%).
The number of addresses holding Dogecoin has surged to 90 million, underscoring rising adoption.
A post-halving wave of rally brewing.
Get ready! pic.twitter.com/tO3MoH9kfY
— Mikybull Crypto (@MikybullCrypto) July 17, 2024
These factors suggest bullish momentum for Dogecoin:
Growing transaction volumes: Up 37.5%
Increasing daily active addresses: Up 2.3%
Rising adoption: 90 million addresses holding Dogecoin
Analysts foresee potential breakout scenarios and post-halving rallies, supported by these strong adoption metrics.
The increased trader interest and improving key metrics indicate a promising future for Dogecoin.
Dogecoin Price Gain Support Amid Bullish Cryptocurrency Market
The recent support in Dogecoin can be attributed to the overall bullish sentiment in the cryptocurrency market, particularly fueled by Bitcoin’s robust performance.
Bitcoin has recently surged above $65,000, even reaching $66,000, driven by significant factors such as the launch of BlackRock’s iShares Bitcoin Trust and expectations of Federal Reserve interest rate cuts.
This positive momentum has impacted Dogecoin, with increasing investor confidence and heightened interest in digital assets contributing to its upward trajectory.
Both cryptocurrencies are benefiting from a weakened US dollar and broader market optimism, underscoring a favourable environment for digital currencies amidst global economic uncertainties.
Dogecoin Price Prediction
Dogecoin (DOGE) is currently trading at $0.119136, experiencing a decline of 3.20% over the last 24 hours. The cryptocurrency has seen a substantial 24-hour trading volume of $697,615,560.
Dogecoin holds the 9th position on CoinMarketCap with a market capitalization of $17,295,525,785 and a circulating supply of 145,174,106,384 DOGE coins.
The 2-hour chart reveals that Dogecoin has breached its upward channel on the lower side, causing the price to drop towards the $0.1190 level. The Relative Strength Index (RSI) stands at 44.14, indicating a bearish sentiment in the market.
Additionally, the 50-day Exponential Moving Average (EMA) is positioned at $0.12024, which is slightly above the current price, acting as a resistance level.
Key price levels to monitor include the pivot point at $0.12013. Immediate resistance is identified at $0.12376, with further resistance levels at $0.12650 and $0.12956.
On the downside, immediate support is found at $0.11692, followed by $0.11401 and $0.11075. These levels are critical for traders to watch, as they will indicate the next potential movements for Dogecoin.
Traders should be cautious and observe any breaks above the $0.1200 level to consider potential bullish reversals.
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The post Will Dogecoin’s Post-Halving Wave Drive Prices Higher? Bullish Analysts Weigh In appeared first on Cryptonews.
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