Dogecoin has witnessed a remarkable surge, touching $0.217210 with trading volumes soaring to $5.84 billion.
The meme coin’s ascent of nearly 12% positions it as the 8th largest cryptocurrency, boasting a market capitalization of over $31 billion.
Despite the absence of a maximum supply cap, Dogecoin’s circulating tally stands at 143.66 billion. Let’s take a look at Dogecoin price prediction and fundamental’s outlook.
Dogecoin Price Prediction
The pivot point is established at $0.2063, with Dogecoin currently exceeding this threshold, indicating a bullish sentiment.
Resistance levels are pegged at $0.2255, $0.2449, and $0.2661. Should Dogecoin’s upward trajectory persist, these markers will be crucial to watch.
Conversely, support levels are found at $0.1888, $0.1699, and $0.1483, which could stabilize any potential downturns.
Dogecoin breaks past pivot at $0.2063, hinting at bullish run with eyes on resistances at $0.2255, $0.2449, $0.2661. RSI at 77 signals overbought territory, suggesting caution. Watch for support at $0.1888, $0.1699, $0.1483. #DogecoinPrice #CryptoTrading pic.twitter.com/MggsGIDX6r
— Arslan Ali (@forex_arslan) March 29, 2024
The Relative Strength Index (RSI) at 77 hints at an overbought condition, suggesting a possible pullback.
Additionally, the 50-day Exponential Moving Average (EMA) at $0.1756 reflects the sustained bullish trend.
The breach of the upward channel at $0.2190 hints at further potential gains, but the appearance of an inverted hammer pattern warns of a potential correction.
Dogecoin Soars on X Platform Speculation and Musk’s Influence
Dogecoin’s price rally to its highest since December 2021 has been underpinned by significant speculation within the community, particularly concerning its integration into the X platform’s payment system.
Despite the broader market’s stability, Dogecoin remains sensitive to developments related to Elon Musk’s enterprises, including X and Tesla, driving speculative trading.
Dear #Dogecoin, with X’s new payment branch being awarded more licenses in the U.S., many are speculating about the implementation of crypto payments in the platform.
Last year, Elon mentioned that the first phase of X Payments would not include crypto – I am not sure if this…
— Mishaboar (@mishaboar) March 27, 2024
Recent discussions within the Dogecoin community about X’s payment branch gaining more licenses in the U.S. have sparked expectations of cryptocurrency payment implementations.
While Elon Musk previously stated that X Payments’ initial phase wouldn’t feature crypto, the community remains abuzz with anticipation.
Conclusion
The current trajectory of Dogecoin is bullish above the $0.2255 mark, with potential for further escalation if it maintains above this level.
However, the market must remain cautious of an overbought RSI and the speculative nature of recent price movements.
If Dogecoin falls below $0.2255, it could signal a shift towards a bearish correction.
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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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