- DOGE continues surging as it holds above $0.10
- Over the past week, Dogecoin has seen a 47% increase in price action, culminating in its highest value this week.
- Long-term investors are however profit-taking which may limit the ongoing bull run.
Dogecoin price action before the recent hype has been relatively muted. The price of DOGE was hovering between $0.063 to $0.05977 on October 25 when the excitement began.
Dogecoin has been gaining traction in the cryptocurrency space, and the current rally is a result of the hype building up around it. On October 29, Dogecoin climbed above $0.130 after Elon Musk’s Twitter acquisition, which was widely perceived as a sign of legitimacy in the crypto space.
This recent price upswing has prompted many short-term traders to enter the market and take advantage of the hype around Dogecoin, accentuating its value further. The long-term picture however indicates that this bull run may not be sustainable in the long run as the long-term holders are cashing out.
Many analysts predict that DOGE will continue to gain value in the short term as more traders enter the market and drive up the price further. This rally is also expected to pick up following the recent reports that Elon Musk is planning to integrate Twitter payments and that $TWTR could reach 1 billion monthly active users within the next 18 months.
However, if Dogecoin gets added as a payment method then that means one billion users could potentially use the currency.
Even though no official confirmation has been given, it is quite likely that Twitter will integrate Dogecoin as a payment method; considering Musk’s public support of cryptocurrency. If Twitter does go ahead with this exposure to DOGE, it would help the coin reach hundreds of millions of more people.
Dogecoin’s technical analysis indicates DOGE is trading well above the 100-day EMA, which is a reversal pattern. Additionally, the 50-day EMA is trending above its 100-day counterpart for the last 15 days. Dogecoin is trading at $0.1046, up by 2.08% in the last 24 hours.
Dogecoin price analysis on a 4-hour and hourly charts show that the bearish outlook for DOGE has been invalidated. The RSI is at 61, indicating the bullish momentum will continue in the short term.
Considering the positive news and technical indicators, it seems likely that DOGE will continue its bullish momentum in the near term. Short-term investors can expect further gains from Dogecoin in the next couple of weeks.
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