Dogecoin Ready For $0.3? Analysts Bullish On DOGE Price Breakout Attempt
July 29 2024 - 9:30PM
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Over the weekend, Dogecoin (DOGE) soared 11% after the general
market performance. The price surge led the dog-themed token to
retest key resistance levels, which fueled a bullish prediction by
crypto analysts. Investors also shared a positive sentiment
following Elon Musk’s recent comments regarding cryptocurrencies
and the largest memecoin by market capitalization. Related Reading:
Bitcoin On Fire: 20% Surge In 3 Weeks Teases Record-Breaking
Potential Dogecoin Attempts To Break Above Key Level During the
past week, market watchers have revealed their bullish predictions
for the largest memecoin by market cap. Daan Crypto Trades revealed
that DOGE was “showing some strength” after trading above the daily
200 MA/EMA last week and testing a multi-month diagonal trendline.
DOGE attempted to break out of the downtrend line again after
trading above the $0.134 resistance level in the early hours of
Monday. To Daan, Dogecoin’s price could see “higher over the next
couple of weeks” if it holds on to the $0.13 area. Similarly,
analyst Crypto Poseidon pointed out that DOGE’s “daily ema50-200
started to squeeze into each other again.” Per the analyst, this
will lead to an expansion above the previous yearly high of $0.22.
Poseidon added, “$0.3 on the horizon, dog lovers.” Amid the market
recovery, renowned crypto analyst Ali Martinez revealed on Thursday
that Dogecoin was playing the same pattern it has displayed before.
According to this pattern, DOGE consolidates in a descending
triangle. During the consolidation, the memecoin historically sees
a 140%-230% rally before retracing around 60%. Per the analyst,
DOGE investors should “just wait” as the memecoin enters the bull
run after the retrace. As of this writing, Dogecoin is hovering
between the $0.129 and $0.130 price range, a 0.5% drop in the last
24 hours. However, this performance represents a 7.6% and 5.3%
price surge in the biweekly and monthly timeframes. Elon Musk Won’t
Promote Crypto But Has ‘Soft Spot’ For DOGE On Sunday, Tesla’s CEO
Elon Musk joined The X Takeover event hosted by the Tesla Owners
Silicon Valley club. Musk made a special virtual guest appearance
to discuss his insights on technology, space exploration,
sustainability, and cryptocurrencies. During his appearance, the
CEO clarified he would not promote crypto, but might address them
jokingly in the future. He also stated he doesn’t have a negative
opinion about cryptocurrencies despite his refusal to endorse them.
Musk explained that certain crypto assets, including Bitcoin (BTC),
have merit in his eyes, but investors won’t see him pumping them.
However, the billionaire added that he got a fondness for Dogecoin
due to his liking of dogs and memes. I’m not going to be promoting
crypto—at most, in a joking way. If you see me pumping crypto, it’s
not me. I do think there’s merit in Bitcoin and maybe some other
cryptos, and I’ve sort of got a soft spot for Dogecoin because I
like dogs and memes. The DOGE community had a mixed reaction to
Musk’s remarks. Some investors consider the comments bad news for
Dogecoin and its holders as it meant he no longer supported the
memecoin’s adoption. “I guess putting Doge on the Moon is not a
real thing he’s considering anymore,” one reply read. Others
believe his crypto stance clarification was necessary as some would
“think he said he’s against crypto which is not true.”
Additionally, many investors considered that his liking for DOGE
was bullish for the memecoin. Related Reading: Tron Bulls Push for
Breakthrough: Can TRX Surpass $0.1443? Following the news, the
largest cryptocurrency by market cap saw an 8% price increase,
going from the $0.1204 to the $0.1355 range overnight. Featured
Image from Unsplash.com, Chart from TradingView.com
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