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The Dogecoin price climbed 7% in the last 24 hours to trade at $0.1247 as of 00:18 a.m. EST on trading volume that skyrocketed 70% to $2.28 billion.
This comes after Elon Musk tweeted “D.O.G.E will fix it,” in response to a Los Angeles Times article reporting that California officials had blocked his SpaceX company from launching more rockets from the state.
D.O.G.E will fix it 🪓
— Elon Musk (@elonmusk) October 15, 2024
Musk was referring to a so-called Department of Governmental Efficiency (D.O.G.E) after Donald Trump earlier said he would set up such a department and put Musk in charge if he retakes the White House after next month’s election.
However, investors may have interpreted Musk’s tweet as pumping Dogecoin, given his history with the coin.
Dogecoin Price Aims For A Continued Rally
The DOGE/USD chart indicates that the Dogecoin price is currently in a bullish phase, particularly due to the breakout from the inverse head and shoulders pattern. This pattern often signals a trend reversal from bearish to bullish, which has happened from the $0.112 level along the neckline, according to data from GeckoTerminal.
The bulls then pushed the price of Dogecoin through a parabolic surge from the neckline, as seen by the parabolic curve.
DOGE now trades above both the 50-day and 200-day Simple Moving Averages (SMAs), indicating strong bullish momentum.
The Relative Strength Index (RSI) value is 70.64, which shows that the asset is currently under intense buying pressure and is in overbought territory (above 70). This suggests that the price may be overextended in the short term, and a potential pullback or consolidation could occur to cool off the momentum. A reading this high shows that bullish momentum is strong, but caution is advised for potential buyers due to possible near-term profit-taking or corrections.
The MACD line (blue) is above the signal line (orange), showing a bullish crossover, which is another positive signal. The histogram is positive but narrowing, which could suggest that momentum is still strong but may start to slow down. This could align with the overbought RSI, suggesting some caution in the short term.
Dogecoin Price Prediction
According to the Dogecoin price analysis, DOGE is currently on a sustained bullish rally, characterized by the major indicators. If this momentum continues, the price of Dogecoin could continue soaring, with the next target set at the next resistance at $0.14.
Conversely, if the bulls take charge of the price due to the asset being overvalued, the Dogecoin price may go through a notable correction back to the $0.1127 support (50-day SMA).
As the Dogecoin price soars, investors looking for diversification options might consider the new meme coin Flockerz (FLOCK).
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
Flockerz Presale Hurtles Towards $1 Million
Flockerz, the first fully community-governed meme coin, has blasted past $755k in funds raised in its ICO.
Flockerz is a project that redefines decentralization in the world of meme coins. In an ecosystem often dominated by a few decision-makers, Flockerz empowers its community, “The Flock,” to guide the project’s future.
At the core of Flockerz lies FlockTopia, where every holder has a voice and earns rewards through an innovative system. Its Vote-to-Earn (V2) system actually rewards holders with FLOCK tokens for voting on the project’s key decisions.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
In Flocktopia, decisions about the project’s future are made collectively by “The Flock.” Every member has a say, making the platform a truly decentralized and inclusive environment.
Apart from V2E rewards, token holders can earn passively through the platform’s staking mechanism, which offers a sky-high annual yield of 2,307%.
To join the presale, you can buy $FLOCK on the official website here for $0.005793 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in about 2 days to secure the best deal.
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