Dogecoin Price Prediction as DOGE Bulls Eye Quick 20% Rally to This Key Resistance Zone
Dogecoin (DOGE) is pumping.
The world’s largest meme cryptocurrency by market capitalization, which is an independent decentralized crypto network in its own right, jumped another 10% on Tuesday, taking its weekly gains to nearly 15%.
Dogecoin has been pumping ever since Elon Musk’s rebrand of Twitter to X, which is touted to be an “everything” app akin to China’s WeChat that also offers users things like advanced and convenient financial services.
The reason Dogecoin is pumping is due to speculation that Dogecoin might somehow be implemented into a future X crypto-based payments solution, which could substantially increase the demand for and utility of the cryptocurrency.
Crypto markets are speculating about a Dogecoin integration due to the fact that Elon Musk has long been a big supporter and advocate of Dogecoin.
He frequently references the token on Twitter, is a self-proclaimed investor and even owns a Shiba Inu dog which the meme coin is based off of.
DOGE/USD was last changing hands on major cryptocurrency exchanges just above $0.08, more than 50% up from June’s lows in the $0.05s.
And, amid recent technical developments, price predictions are becoming substantially more bullish.
Dogecoin’s 10% surge on Tuesday has seen the cryptocurrency break to the north of two key resistance levels.
These include 1) a downtrend from the 2021 record highs and 2) the 200-Day Moving Average.
While a break above the 200DMA is always a good sign of a positive shift in near-term price momentum, the more important breakout is the move above the downtrend from the 2021 record highs.
This sends a signal that Dogecoin’s more than 2-year bear market may finally be coming to an end.
The most obvious bullish target is now a retest of 2023’s highs in
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