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Dogecoin Analyst Foresees 13x Surge to $2 Amid Potential Altseason Boom

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The Doge­coin faithful might have reason to rejoice­, with a prominent Glassnode analyst predicting a pote­ntial 13x surge for the meme­-inspired cryptocurrency. This bullish forecast hinge­s on a technical pattern and increase­d whale activity, but some hurdles re­main on the path to the moon.

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Source: @Negentropic_

The analyst highlights a significant te­chnical formation: a cup and handle pattern. This pattern, historically associate­d with bullish breakouts, appears to be de­veloping on the Dogecoin chart. The­ target price based on this patte­rn sits around $2, a massive leap from its curre­nt price of around $0.1613.

According to TradingView, Dogecoin is currently trading at $0.1613, marking a 2.83% decline in the last 24 hours. Doge has increased by 3.28% in the last week. Coinlore, a well-known crypto analyst, predicts 11.66% price surge in the next 10 days. Additionally, the uptick in whale­ activity could signify strategic positioning by major investors in anticipation of a significant market shift.

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Source: TradingView

Adding fuel to the fire­ are the supportive te­chnical indicators surrounding Dogecoin. The price is curre­ntly finding support from both the 50-day and 200-day exponential moving ave­rages, suggesting a medium- to long-te­rm uptrend. Additionally, widening Bollinger Bands hint at incre­ased volatility, potentially leading to large­r price movements.

Dogecoin’s Path to $2

While the­ technical outlook appears promising, there­ are potential roadblocks to consider. The­ overall market sentime­nt for major cryptocurrencies can heavily influe­nce DOGE’s trajectory. A gene­ral bearish sentiment across the­ market could hinder its ability to reach such lofty targe­ts.

Breaking past the psychological barrier of $1 pre­sents a significant hurdle for Dogecoin. Achie­ving this feat requires substantial buying pre­ssure and market momentum. Furthe­rmore, Dogecoin’s lack of a robust ecosyste­m, primarily functioning as a meme coin, raises que­stions about its long-term utility and adoption by institutions.

The Glassnode analyst’s pre­diction offers a glimmer of hope for Doge­coin enthusiasts. While technical indicators and incre­ased whale activity paint a bullish picture, ove­rcoming psychological resistance and fundamental limitations is crucial for DOGE to re­ach the predicted $2 price­ point. Only time will tell if Dogecoin fulfills this bold pre­diction or remains grounded in meme­-coin territory.

Related Reading | Cardano (ADA) Price Analysis: Analyst Predicts Potential Drop Before Bullish Rebound

DOGE’s Promising Horizon: Analysts Predict A Surge To $0.30 Amidst Bullish Patterns

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One of the most respected analysts world of charts has highlighted Dogecoin as an interesting option and presented a powerful case for it. Based on an analysis shared on platform X, DOGE seems to be consolidating, forming a bullish pennant according to technical analysis. This movement is usually a signal for massive price movements so Dogecoin could be on the brink of a considerable rise.

According to the analyst, the bullish pennant forms after a strong uptrend period, suggesting a period of consolidation,coin looks ready to break out and head up to a $0.30 target. Nevertheless, warned the analyst to see this kind of surge happening, a decisive breakout on the upside is necessary. The market’s expectations are resting on this crucial development, as if a successful breakout, the bullish outlook is going to be confirmed and is going to prepare the ground for an important jump in prices.

Key Factors Influencing DOGE’s Potential Breakout

The analyst’s scenario depends on a number of factors. The bullish pennant formation itself is a technical indicator of the continuation of the previous trend, i.e. an upward movement. The consolidation interval in pennant is defined by the decrease in the volume, which is commonly followed by a breakout. Increased trading volume is a signal of a potential breakout. traders and investors are, therefore, urged to pay attention and watch it.

Dogecoin, a joke at the beginning, gained significant traction in the crypto world, gathering the interests of both investors and traders. It is a market focus and the current analysis from World of Charts provides an interesting aspect to the ongoing debate about the future of cryptocurrency.

The trading environment for Dogecoin took the market higher, with its price being trading at $0.2001. It signals a substantial rise in its market standing at a 6.17% gain over the last 24 hours. In addition, the momentum continues beyond one day’s performance, with Dogecoin rising by 11.62% this week. The trading activity of the cryptocurrency is also a demonstration of increased investor participation through 24-hour trading volume significant up to $2,715,913,528. 

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Source: TradingView

For the cryptocurrency community that is waiting with bated breath, Dogecoin to reach or even surpass the $0.30 mark is a critical time for the coin. Should the breakout happen as expected, this will help DOGE hold its ground on the market and reactivate interest in the currency.

The analyst’s views give a bullish forecast for Dogecoin, provided there is a clean and strong breakout. Due to the volatility and unpredictability of the cryptocurrency market, the coming days might play a vital role for DOGE which is standing on the edge of a quite substantial price movement. Investors and the enthusiasts alike should keep watching the situation closely as it unfolds.

Dogecoin to the Moon? $0.20 Remains The Key Hurdle

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Dogecoin is on the brink of smashing new records for the year. The meme coin, known for its unconventional origins, has posted an impressive surge of over 10% in the past 30 days alone. Investors and enthusiasts closely monitor the token’s performance as it nears a critical price point that could dictate its trajectory in the near future.

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Dogecoin to the Moon? $0.20 Remains The Key Hurdle 5

Data from IntoTheBlock revealed that DOGE’s next significant milestone is to overcome the $0.20 barrier, a key target for the bullish trend continuation. The significance of the level is underscored by the fact that roughly 32,000 addresses are currently holding a whopping 3.78 billion DOGE, all at a loss due to the coin’s fluctuation below this crucial price point. The token’s ability to break through this level could not only signal a new phase of growth for the cryptocurrency but also potentially lead to significant gains for a considerable number of investors.

Dogecoin is looking for a new yearly high! DOGE is currently up by more than 10% in the last 30 days. To continue this trend and move to new highs, Dogecoin needs to solidly break the $0.20 level, where 32k addresses hold 3.78 billion DOGE at a loss.

As the situation unfolds, all eyes remain on Dogecoin and its vibrant community, to see if they can propel the token to new heights. Whether the meme coin can achieve this breakthrough remains to be seen, but given the token’s history of unexpected rallies and the broad support it enjoys from high-profile figures in the tech and entertainment sectors, its current prospects have undeniably added an exciting twist to the ever-evolving narrative of the cryptocurrency world.

Dogecoin Undergoes Security Boost 

Not long ago, developers released Dogecoin Core 1.14.7, bolstering the community’s commitment to recognizing and rewarding meme token ecosystem contributors. Led by a dedicated group of volunteers and maintainers, Dogecoin Core stands as a testament to the inclusive and decentralized ethos of the project.

According to the GitHub submissions, the 1.14.7 upgrade is a new minor version release that brings enhancements to several RPC methods and important security updates for Dogecoin-Qt. Over 50 different DOGE contributors worldwide helped with this release.

While a minor update, it will enhance security and benefit node operators. Another relatively recent technical improvement was the introduction of Ordinals on the blockchain, with some developers even releasing popular games that run wholly using Dogecoin.

Dogecoin’s Turbulent Turn: Whale Movements Spark Market Speculation

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In a surprising event in the world of cryptocurrencies, Dogecoin, the cryptocurrency that actually started as a meme and has since attracted millions of fans, crashed in the market. This particular case has attracted the attention of many people, whereby the price of the token suddenly dropped under the 0.22 price level has made many people argue and analyze. The precipitating factor was a large transfer of Dogecoin to a centralized exchange (CEX), which was indicative of a potential sell-off, and fueled the speculation regarding its future price trajectory.

Whale Alert, a blockchain monitoring service, posted a huge movement in the Dogecoin market, showing only a day’s flow of almost 140 million DOGE, or $30.22 million, into Coinbase. This event happened at the time when the bearish sentiment towards Dogecoin was much broader, which contradicted the optimistic feeling that Dogecoin used to have and which used to keep its value growing. Nevertheless, a few market watchers are optimistic emphasizing on a U-shaped recovery in trading charts of DOGE, projecting that prices may bounce back.

Dogecoin’s Price Swing

The market’s response to these events was felt. In the last 24-hours, Dogecoin’s price dropped 1.62% reaching $0.2125. This action belongs to the larger trend of volatility, which is characterized by large value fluctuations – and it keeps investors and traders alert all the time. Further bearish indicators, data from the derivative market showed a 3.08% drop in open interest on DOGE and a considerable 46.28% decrease in its trading volume, pointing to the token’s current market woes.

Dogecoin has just broken a strong barrier of resistances worth $0.206 reaching the two-year high of $0.2288. This rally revived the confidence of the traders that DOGE is likely to retest the broken resistance now turned into support.

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DOGE has a future, which is currently covered by market corrections and whale activities, but growth possibilities still exist. In case the meme coin keeps its breakout momentum, analysts expect $0.27 and potentially $0.3 as targets. In the realm of an ever-evolving cryptocurrency market, Dogecoin story is an example of an unpredictable and mesmerizing life of meme-based digital assets, catching the eyes of the experienced traders as well as the beginners.

Memecoins Frenzy Fuels Extreme Profits and Speculation

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The speculative frenzy around meme-inspired digital assets has set the crypto wild west ablaze. Memecoins which were once thought of as mere internet jokes are now among the top choices for traders and analysts due to their defy gravity with astronomical price surges. Prominent crypto commentators are cautioning about the bourgeoning meme mania.

“Memecoins have pumped tremendously in the past two weeks. They’re dominating the top gainers dashboard,” tweeted veteran analyst Lark Davis, cautioning investors to carefully time their entries. “You have to know when to enter, though: around the time the masses arrive.” The statement captures the paradoxical nature of these rallies, which are fueled by viral hype and fear of missing out.   

Blockchain analytics firm IntoTheBlock’s latest report sheds light on the phenomenon, evaluating “the top performing memecoins” while “sharing some key statistics on the space.” Their findings reveal triple-digit percentage gains across the meme token universe as “speculation drives on-chain fees to yearly highs.” With Bitcoin breaching new all-time price highs, investors are doubling down on these ultra-speculative altcoin bets.

Leading the charge is the PEPE coin on Ethereum, which has netted holders eye-watering returns of over 600% in just one month. A telling 91% of PEPE investors are currently sitting in profitable positions. While only 170,000 addresses hold the token, drastically less than Dogecoin’s 6.3 million holders, PEPE exemplifies the euphoric mania engulfing memecoins. 

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The frenzy is not confined to Ethereum either, with Solana’s decentralized exchanges trading a staggering $15 billion this week, according to DeFiLlama’s data. This colossal volume nearly matched Ethereum’s $20 billion over the same period. The ensuing network congestion has driven Ethereum transaction fees to their highest point in nearly two years.

Trading Tactics: Navigating the Memecoins Frenzy

Seasoned crypto traders are looking to exploit the meme frenzy as well. Analyst Dami-Defi spotlighted one investor who adroitly grew $149,000 into over $4.3 million in a year trading meme tokens yet refuses to sell a dime. “Is there a long-term game we are missing?” Dami-Defi pondered about the diamond-hand whale stubbornly accumulating MAGA, HarryPotterObamaSonic10Inu, and Mog tokens.

However, there are no signs that the allure of meme coins is waning as the crypto bull run rages on. But do we have a passing tide or a far-reaching change in the digital assets class? Nevertheless, memecoin mania burns on without any respite, leaving behind breathless traders and an all-absorbing crypto universe caught up in its unstoppable force.

Related Reading | XRP Whales On the Move: Massive Transfers Stir Speculation

Elon Musk’s X App Fuels Crypto Speculation Ahead Of Payment Feature

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In a surprising move, Elon Musk’s revolutionary “everything app,” X (formerly Twitter), has recently unveiled a dedicated account, heightening speculation within the crypto community about the imminent introduction of cryptocurrency-related features.

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Insiders suggest that the X app will introduce in-app payment services by mid-2024. There are speculations on whether this feature will support cryptocurrencies.

While the dedicated account for the upcoming payments feature has yet to make any posts, it boasts a coveted gold badge, signifying its status as a verified organization. Furthermore, the account is adorned with the distinctive X badge, hinting at its affiliation with the overarching X platform.

In a recent X post, crypto analyst Mason Versluis shared his excitement about the potential inclusion of cryptocurrencies starting with the letter “X” on the app. Notable mentions include XRP, XLM, and XDC. Elon Musk’s embrace of Dogecoin for payments at Tesla’s merchandise store has also fueled speculation, with many considering it the most likely candidate for inclusion on the X platform.

Elon Musk’s Cryptic Trail

A deeper dive into Musk and X’s history reveals subtle hints and clues that suggest a particular interest in Dogecoin. In October 2023, X posted a meme featuring a dog answering a phone call, prompting the Dogecoin community to engage in decoding its hidden meaning.

Contrary to the crypto buzz, another crypto researcher, Tokenicer, shared that X may be shifting its focus away from crypto-friendly content. In the year 2023, X introduced a profit-sharing mechanism for advertisements, enabling creators to monetize their content on the platform. Tokenicer alleges that X has, of late, diminished compensations for cryptocurrency-related content, pointing to a personal encounter of markedly reduced payouts compared to prior months.

Tokenicer noted, “Feels like X has cut the payments for crypto content lately. I was getting $40-70 cheques a few months ago & just got one for $16.” However, it’s crucial to recognize that the payout system is contingent on the total impressions that content creators accumulate, leading to variations in earnings over different periods.

Since Elon Musk acquired Twitter in April 2022, speculation has run rife about the platform’s transformation into an entirely new entity and the potential integration of crypto. Musk’s consistent commentary over the years only adds to the intrigue surrounding the future trajectory of X and its role in the crypto landscape.

Dogecoin Surges As X Payments Sparks Rally With First-Ever MACD Golden Cross

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In the dynamic world of cryptocurrency, Dogecoin (DOGE) experienced a notable upswing, boasting a 9.34% gain within 24 hours. Adding to the excitement, traders observed Dogecoin achieving its inaugural Moving Average Convergence Divergence (MACD) golden cross on January 20, a significant technical development indicating a potential sustained upward trend.

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In a recent X post, Trader Tardigrade uncovered this noteworthy occurrence by scrutinizing the DOGE weekly chart, shedding light on the promising outlook for the meme-inspired digital currency.

The surge in DOGE value was not an arbitrary event but rather was ignited by the launch of X Payments, the financial arm of the X platform. Notably, the driving force behind X is Elon Musk, a vocal supporter of DOGE, who has previously hinted at incorporating the meme cryptocurrency as a payment option for the all-encompassing “Everything app.”

Dogecoin’s Rollercoaster Ride

Elon Musk’s affinity for Dogecoin has been evident, with reports from Fortune in January 2023 indicating the company’s contemplation of integrating crypto payments into the platform. While Musk remains mum on the confirmation of these plans, the Dogecoin community is optimistic, especially given that Tesla, another Musk-led enterprise, already accepts DOGE as a valid form of payment.

The surge in DOGE’s price triggered a spike in trading volume, propelling the value to a peak of $0.090. However, encountering resistance at this level, the price retraced to $0.085 at the time of reporting. The pullback may be attributed to overbuying, as reflected in the Relative Strength Index (RSI), which reached a high of 76.72 before settling at 64.11. This suggests that a quick sell-off contributed to the temporary decline.

Analyzing the Fibonacci retracement levels, the 0.618 Fib level at $0.082 emerges as a potential support level for Dogecoin. Despite the retracement, indicators from the MACD golden cross and heightened buying pressure hint at a potential surge, with DOGE possibly reaching as high as $0.11.

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Source: TradingView

The $0.11 mark coincides with the 3.618 Fibonacci level, showcasing the cryptocurrency’s potential for further gains. However, Dogecoin’s future value trajectory hinges on updates from X Payments and Elon Musk. 

If the platform embraces Dogecoin for payments, enthusiasts foresee a potential route toward the much-debated $1 price target. Conversely, if Musk decides against DOGE integration, achieving the $1 milestone could encounter greater challenges. The crypto community eagerly awaits further developments in this compelling storyline.

Dogecoin Miners Offload 240 Million Tokens, Casts Doubt on DOGE Price Recovery to $0.2

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In the past few weeks, Dogecoin experienced a price surge, hitting a local peak of $0.107, but subsequently faced a downturn, potentially linked to a significant sell-off by DOGE miners. These miners, possessing billions of DOGE, wield considerable influence in shaping the cryptocurrency’s market direction.

According to crypto data platform IntoTheBlock, Dogecoin miners have consistently sold off portions of their holdings during market upswings. The total reserves of DOGE miners, which stood at 4.67 billion on November 24, experienced a decline of several hundred million by the second week of December, dropping to 4.4 billion.

Dogecoin Sell-Off: 240M Tokens, $25M, Brief Dip Below $0.091

Over the past month, daily decreases in reserves have accumulated, resulting in a significant sell-off of over 240 million tokens by December 12. At an average DOGE price over this period, the cumulative value of these sales amounts to approximately $25 million, contributing to the altcoin’s brief dip below $0.091.

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Dogecoin Miners Offload 240 Million Tokens, Casts Doubt on DOGE Price Recovery to $0.2 12

Despite this sell pressure, Dogecoin has shown signs of recovery, surpassing $0.097 as of Thursday. Investors welcome this upward movement, but concerns linger about potential further sell-offs by DOGE miners.

Recent data, however, indicates a shift in sentiment among Dogecoin miners. Between December 12 and 13, their holdings increased slightly from 4.4 billion to 4.41 billion, signaling a modest recovery. Additionally, after two days of negative trends totaling over 80 million DOGE, Dogecoin miner net flows turned positive, recording 7.09 million DOGE on December 13— a notable change from the -43.33 million reported on December 12.

Avalanche Overtakes Dogecoin: Climbs To 9th Position With Soaring Market Cap

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Avalanche has successfully surpassed Dogecoin to secure the ninth position on CoinMarketCap’s leaderboard of the top 100 cryptocurrencies. The current market value of Avalanche stands at an impressive $14,259,273,712, outshining Dogecoin’s market cap of $13.72 billion.

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Source: CoinMarketcap

Over the past month, AVAX has experienced a remarkable surge in its price trajectory, coinciding with a peak in open interest for the cryptocurrency. The monthly chart reveals an astounding 130% rise in AVAX, accompanied by 21 out of 30 (70%) green days and a 22.30% price volatility over the last 30 days. 

This outstanding 30-day performance has propelled the altcoin’s price from $16 to $42, with the surge attributed to Avalanche’s strategic focus on real-world assets (RWAs) and GameFi leading up to 2024. Notably, the yearly performance of AVAX has also turned heads, with IntotheBlock highlighting on Twitter that Avalanche has outperformed Bitcoin, boasting an impressive 200+% yearly return.

As of the latest data from CoinMarketCap, Avalanche is currently trading at $40.85, with a 24-hour trading volume of $2,440,986,022.  The token has experienced an 8.96% increase in the last 24 hours, showcasing a circulating supply of 365,756,605 AVAX coins and a max supply of 720,000,000 AVAX coins.

AVAX 1Y graph coinmarketcap
Source: CoinMarketcap

Examining the weekly chart, Avalanche has exhibited notable gains, recording a 47.6% increase over the last 7 days. This upward trend has sparked considerable interest in the token, presenting a potential investment opportunity.

Avalanche (AVAX) Price Prediction

The latest insights from Changelly bring forth an intriguing short-term forecast for AVAX, suggesting a modest increase in its value. According to the most recent prediction, the token is expected to experience a subtle uptick, with a projected growth of -1.89%. If this forecast holds true, AVAX could reach a value of $40.02 by December 15, 2023. 

Delving deeper into the technical indicators, the current market sentiment for Avalanche appears to be predominantly bullish, with a 90% confidence in a positive trajectory. However, the remaining 10% suggests a bearish undertone, underscoring the unpredictability that often characterizes cryptocurrency markets.

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The Fear & Greed Index, a widely-watched metric gauging market sentiment, provides further context to AVAX’s current standing. As of the latest analysis, the Fear & Greed Index score for Avalanche stands at 65, indicating a prevailing sense of greed among market participants. 

Related Reading | Binance’s Turbulent Year: Declining Market Share & Regulatory Headwinds

DOGE Soars to $0.10: +31% Rally Possible Despite Overbought Warning

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Dogecoin (DOGE) has once again captured the spotlight with its latest surge. According to the most recent data provided by CoinMarketCap, Dogecoin is currently valued at $0.9765, boasting a circulation supply of $14,314,021,889.61 and a market cap of 142,177,056,384.

DOGE 1D graph coinmarketcap 4
Source: CoinMarketcap

Over the past 24 hours, Dogecoin experienced a remarkable rally, reaching a new peak for 2023 at $0.10. This surge is part of a broader trend that has seen DOGE increase by 19.6% over the last 7 days, signaling positive momentum for the popular cryptocurrency. The month-long performance of the coin has been equally impressive, witnessing a substantial 37.12% increase in its price.

Dogecoin at $0.096: +31% Rally Ahead Amid Overbought Warnings

Despite these gains, crypto analyst Rekt Capital emphasizes the importance of Dogecoin reclaiming $0.096 as a support level to potentially rally an additional +31%.

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Reaching this milestone would position the coin to revisit a significant area of resistance, marked by the Range High resistance of the black-black range and the blue Macro Downtrend. This analysis underscores the critical juncture at which the coin currently finds itself, with potential gains hinging on overcoming key resistance levels.

Investtech.com adds its perspective, noting that the coin is currently in a rising trend channel in the medium long term. Rising trends are indicative of positive development and growing buy interest among investors. The recent break above the resistance at $0.08 is seen as a positive signal, suggesting a potential further rise to $0.13 or beyond. The current testing of support at $0.10 is viewed as a crucial moment, with the outcome likely to influence market sentiment.

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DOGE Soars to $0.10: +31% Rally Possible Despite Overbought Warning 19

Investors are cautioned to pay attention to the Relative Strength Index (RSI), which stands above 70. While a high RSI indicates strong positive momentum and suggests the potential for further increases, it also raises concerns of overbought conditions. For larger stocks like Dogecoin, this could be a signal of a possible downward reaction in the near future.

As Dogecoin continues to make waves in the cryptocurrency market, investors and enthusiasts alike are closely monitoring its performance, weighing the potential for further gains against the risks associated with the current market conditions.

Related Reading | Solana Faces Correction After Surge Towards $80; Analysts Divided On Short-Term Outlook