Coin Circle News Report:
Follow Official Account: Cryptofish Right Right
As of now, the price of Dogecoin has risen sharply, with a 1.77% increase in the past 24 hours, reaching $0.141556. This week, the meme coin has seen a surge of 30%, with the trading volume in the past 24 hours reaching $1.9 billion, an increase of 35%.
Positive Sentiment and DOGE’s Bullish Indicators
Market analysts suggest that now may be a good time to invest in DOGE.
According to analysis by Digitalcoinprice, multiple technical indicators have turned green, indicating traders’ confidence in the future of this token. In the past 30 days, the price of Dogecoin has increased by 37%, and forecasts suggest that it may continue to rise.
One obvious indicator of the bullish trend is the upward movement of the 50-day simple moving average, which is a positive signal for buyers. However, traders have become more cautious as the 200-day moving average is declining.
Some believe that DOGE may even rise to $0.13 before the end of the year. However, overall, it is widely believed that this token is still developing towards a medium-term positive trend.
Experts Optimistic About the Future of Dogecoin
Traders like DonAlt and other experienced traders believe that it has the potential to break through the $1 mark.
Analysts such as Crow have found on the candlestick chart that the occasional triangular pattern of Dogecoin seems similar to the consolidation phase from 2014 to 2021, which may suggest an upcoming breakthrough.
Cryptocurrency trader Kevin mentioned that Dogecoin’s performance in the past three days has improved significantly. He said that based on the current technical indicators, this trend is likely to continue to improve.
Similar situations in the past have often indicated a significant price increase, and whenever this signal has appeared, the price of DOGE has surged by 210%.
