Dogecoin Set to Hit $0.30
Source: Newsbtc
July 30, 2024 07:00
Over the weekend, Dogecoin (DOGE) surged by 11%, driven by positive market trends. This uptick allowed the dog-themed cryptocurrency to test significant resistance levels, sparking a bullish outlook from crypto analysts. The optimistic sentiment was also bolstered by recent comments from Elon Musk about cryptocurrencies and Dogecoin’s status as the leading memecoin by market cap.
Dogecoin’s Breakout Effort
In the past week, analysts have been increasingly positive about Dogecoin’s potential. Daan Crypto Trades highlighted DOGE’s “strength” after it traded above the daily 200 MA/EMA and tested a multi-month diagonal trendline. DOGE made another attempt to break through the downtrend line after surpassing the $0.134 resistance level early Monday. Daan suggested that if Dogecoin maintains the $0.13 level, its price might rise further in the coming weeks.
Similarly, Crypto Poseidon noted that DOGE’s “daily EMA50-200” indicators are converging once again. According to Poseidon, this could lead to a price expansion beyond the previous yearly high of $0.22, with $0.30 potentially on the horizon for the memecoin.
Amid the market recovery, renowned crypto analyst Ali Martinez observed that Dogecoin is following a familiar pattern. Historically, DOGE consolidates within a descending triangle before experiencing a significant rally of 140%-230%, followed by a retracement of about 60%. Martinez advised investors to “just wait” as DOGE could enter a bull run post-retracement.
Currently, Dogecoin is trading between $0.129 and $0.130, reflecting a slight 0.5% decline in the last 24 hours. Nevertheless, it has seen a notable increase of 7.6% over the past two weeks and 5.3% over the last month.
Elon Musk’s Stance on Crypto
On Sunday, Elon Musk, CEO of Tesla, made a virtual appearance at The X Takeover event hosted by the Tesla Owners Silicon Valley club. Musk discussed technology, space exploration, sustainability, and cryptocurrencies. While he clarified he would not actively promote cryptocurrencies, he acknowledged his affection for Dogecoin due to his interest in dogs and memes.
Musk emphasized he wouldn’t be endorsing cryptocurrencies, though he recognizes Bitcoin (BTC) and some other cryptos have merit. His comments led to mixed reactions from the DOGE community. Some viewed it as a negative sign for Dogecoin’s adoption, while others saw it as a necessary clarification, interpreting Musk’s fondness for DOGE as a positive indicator.
Following Musk’s comments, Dogecoin experienced an 8% price increase, climbing from $0.1204 to $0.1355 overnight.
