How High Can Dogecoin Price Rise In 2024?

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As a seasoned researcher with over two decades of experience in the financial markets, I find myself intrigued by the current bullish momentum of Dogecoin (DOGE). My career has been marked by numerous market cycles, and I must admit that the resilience and adaptability of DOGE, particularly in light of its humble origins as a meme coin, is quite remarkable.

The cost of Dogecoin has experienced a significant increase, boosted by the persistent cryptocurrency market rally and investor enthusiasm. As this positive trend continues, let’s delve into potential heights that Dogecoin might reach in the year 2024.

Dogecoin Price Analysis: Technicals Are Favorable

The current Dogecoin price shows promising technical indicators that could potentially propel it considerably upward in 2021. Notably, it has transformed the significant resistance level at $0.2280 into a support level. This transition is crucial as it marked its peak for the year in March and represented the upper boundary of the double-top pattern, which often precedes a bearish decline. However, this time around, the breakout might be bullish instead.

Dogecoin has surpassed both its 50-day and 200-day Exponential Moving Averages (EMA), suggesting a positive trend. Moreover, it’s showing growing strength as the Average Directional Index (ADX) has risen to 30 and is now heading upward. The ADX is a widely used tool for assessing the strength of a market trend.

Based on recent developments, it appears that the price of DOGE has surpassed the 50% Fibonacci Retracement level, and the Market Value to Realized Value (MVRV) indicator is indicating a bullish trend at around $2.8. This bullish momentum might propel the coin towards its all-time high of approximately $0.7350, which represents a significant increase of about 90% from its current level. If DOGE manages to break above $0.7350, it could potentially reach $1, a level that’s 156% higher than the present value.

If the price of Dogecoin falls below the significant support at $0.2280, the bullish perspective could lose its validity. In such a case, the coin might plummet and attempt to reach the psychologically relevant level of $0.10 again.

DOGE Whales Are Accumulating

It appears that the persistent prediction about DOGE’s price has possibly encouraged large investors (whales) to keep amassing the cryptocurrency. As per Ali Charts, these whales have purchased approximately $245 million worth of tokens over the past week, and this trend seems to be persisting.

The trading activity for Dogecoin, both in the current market and futures, has noticeably escalated. In fact, within the past 24 hours, the volume of Dogecoin transactions surpassed $10 billion, which is significantly more than what’s being traded for Shiba Inu, Pepe, Bonk, and Floki combined. This substantial increase suggests that investors are taking a growing interest in Dogecoin.

Concurrently, crypto analysts continue to express optimism about the coin, attributing this to Elon Musk’s new role as head of the Department of Government Efficiency (DOGE). In a recent post, Trader Koala praised DOGE for its impressive chart and warned that the greatest potential danger lies in the possibility of DOGE being phased out.

An additional factor that could spur the growth of Dogecoin is the anticipated approval of an Exchange-Traded Fund (ETF) based on Dogecoin, which experts predict may occur around 2025.

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2024-11-21 16:12