Analyst Predicts 66% Surge for Dogecoin: DOGE Price Prediction
Dogecoin (DOGE), the eighth-ranked cryptocurrency, has maintained its upward momentum, trading near the $0.139 mark and hitting an intra-day high of $0.1422 on July 22.
This upward movement propelled DOGE to its highest monthly level, with a notable 19% increase in open interest, reflecting heightened trader participation and speculation.
The bullish outlook for Dogecoin is largely influenced by the overall positive trend in the cryptocurrency market, particularly buoyed by Bitcoin’s renewed strength.
Additionally, the recent rise in DOGE’s value is partly attributed to political developments, including Joe Biden’s announcement of not seeking re-election, which has increased the likelihood of a pro-crypto candidate like Donald Trump gaining traction in the upcoming U.S. Presidential election.
President Biden’s abrupt decision to end his reelection campaign has sent shock waves through the political world. We’re following these extraordinary developments in the United States live from DC @SkyNews #Biden pic.twitter.com/1k7Yw2aEhX
— Yalda Hakim (@SkyYaldaHakim) July 22, 2024
Dogecoin (DOGE) reached its highest monthly level on July 20, trading at $0.1427, marking an 18% rise over the past week. This rally resulted in a 19% increase in open interest, indicating heightened trader activity.
Analysts see DOGE’s breakout as a signal of potential further gains, which could also impact other coins like Floki and Shiba Inu. However, caution is advised, as some predict a possible pullback.
$Doge
Moving As Expected & Running In 18% Profit So Far & Now Approaching Towards Falling Wedge Resistance Once Got Cleared Can Move Towards 0.30$ Sharply #Crypto #Doge #Dogecoin https://t.co/UfcIDcBJVp pic.twitter.com/l56FGuk7Z3
— World Of Charts
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