Dogecoin Signals Bullish Outlook as Bitcoin Crosses $50,000 Mark
Dogecoin (DOGE), the largest and oldest meme coin, is showing signs of a bullish outlook in the near term as Bitcoin (BTC) surpassed the $50,000 mark for the first time in two years. According to market data, Dogecoin’s price has increased by approximately 3 percent in the past 24 hours, trading at around $0.083 during the early London session on Tuesday.
With a fully diluted valuation (FDV) of $12 billion and a 24-hour trading volume of about $400 million, this mid-cap altcoin has been gearing up for a bullish breakout. Despite being trapped in a macro bear market consolidation for over two years, Dogecoin has managed to attract substantial interest from both retail and institutional investors.
Currently, the Dogecoin network boasts approximately 6.9 million non-zero addresses, contributing to its liquidity. It’s worth noting that Tesla CEO Elon Musk has played a significant role in giving Dogecoin tangible real-world utility by integrating it as a payment option and planning the DOGE-1 mission to the moon in collaboration with SpaceX.
From a technical standpoint, renowned crypto analyst Captain Faibik predicts that Dogecoin’s price will experience a breakout soon as bullish pressure intensifies. Captain Faibik highlights that the meme coin, backed by Elon Musk, is on the brink of a symmetrical triangle breakout that could potentially result in a 30 percent rally towards the 10 cent mark. To establish a rising trend, Dogecoin’s price must consistently close above the 200-weekly Moving Average (MA).
Zameer, a financial analyst and writer specializing in cryptocurrency markets, believes that Dogecoin’s price is influenced by various factors. With years of experience studying cryptocurrencies and their market behavior, Zameer employs both technical and fundamental analysis to make informed predictions about future price movements. Market sentiment plays a crucial role in Zameer’s trading decisions and price forecasts.
Analyst comment
Positive news.
As an analyst, it is expected that Dogecoin will experience a bullish breakout due to increased interest from retail and institutional investors, along with the support of Tesla CEO Elon Musk. Technical analysis suggests a potential 30% rally towards the 10 cent mark, with the condition of consistent closure above the 200-weekly Moving Average. Market sentiment will also play a crucial role in determining future price movements of Dogecoin.
