- An analyst predicted that the price of DOGE could see an “epic” pump soon.
- At press time, DOGE was trading at $0.09011 after its price jumped by more than 5% in the past 24 hours.
- If DOGE’s bullish momentum continues, it is possible for the meme coin to target $0.09900 in the next few days.
The Dogecoin (DOGE) train has already left the station, according to an X post shared by the cryptocurrency analyst and trader Captain Faibik earlier today. The analyst pointed out in his post that DOGE was recently able to break out of a descending triangle pattern on its weekly chart and an “epic” pump could be in store for the meme token.
The analyst’s prediction could already be in play as DOGE saw its price rise by over 5% in just the past 24 hours of trading, making it one of the biggest climbers among the top 10 cryptocurrencies by market cap. As a result, the meme was worth about $0.09011 at press time, which was a new 24-hour high price for DOGE.
CoinMarketCap data also indicated that the altcoin’s 24-hour trading volume surged by over 41% since yesterday, causing it to rise to $724.83 million. DOGE’s latest price success was also evident in the fact that its weekly performance was up by 11.86%.
One of the reasons behind DOGE’s price climb could be the fact that “Dogecoin” was mentioned more than 50 times in the Tesla Cybertruck’s checkout page code. Rumors about this first started circulating in October, but it was confirmed late November when the sale of the futuristic truck started.
DOGE was able to break above the key resistance level at $0.08785 over the last 24 hours. Should it close today’s daily candle above this mark, then it could soar to the subsequent barrier at $0.09900 in the following few days.
Conversely, a daily candle close below $0.08785 today may put the meme coin at risk of its price correcting down to the support level at $0.08035. Despite this potential pull back, DOGE will still be trading within an ascending price channel that had formed over the past 2 weeks. This suggests that this correction may be followed by a bullish move.
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