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The Dogecoin price rose 30% in the last 24 hours to trade at $0.12509 as of 05:14 a.m. EST on trading volume that surged 215% to $5.85 billion.
This surge came after a volley of tweets by ”Dogefather” Elon Musk stirred up optimism about the meme coin titan.
Musk shared a video in a tweet yesterday that was posted by DogeDesigner (@cb_doge), the UX/UI designer of Dogecoin, on the possibility of X dating.
— Elon Musk (@elonmusk) February 28, 2024
He also retweeted another post by DogeDesigner that focussed on audio and video calls on X.
You can make calls on this platform now without sharing your phone number.
Go to Settings ➤ Privacy & Safety ➤ Direct Messages ➤ Enable Audio & Video Calling. pic.twitter.com/SMDwj6bIhH
— DogeDesigner (@cb_doge) February 29, 2024
And he had earlier tweeted a single line that just said, ”Fine, I will get back on the meme grindstone.”
The tweets reignited optimism within the Dogecoin community about the potential for DOGE to be integrated on X for payments, a move that enthusiasts believe could boost its value substantially.
Dogecoin Price Breaks Above The Symmetrical Triangle
The Dogecoin price has been trading within the $0.07 range from June to October 2023. However, since November, the price has been rising gradually, with the bulls facing some rejection at $0.0107, which allowed the price to fall back to the $0.075 support level.
However, the bulls continue to show resilience, using the symmetrical triangle to drive the price up. DOGE is bullish, trading above both the 50-day and 200-day Simple Moving Averages (SMAs), a confirmation of the bullish momentum.
Additionally, the Relative Strength Index (RSI) is on a rebound from the 50-midline level to the oversold region at 87, which indicates intense buying pressure.
Moreover, the Moving Average Convergence Divergence (MACD) also supports the bullish sentiment, with the moving average line (blue) crossing above the signal line (orange), which is an indication of a bullish crossover. In such an instance, the crossover helps investors take more positions, as the price is bound to soar.
The green bars on the histogram also show positive momentum as they form above the zero line. Additionally, the Stochastic Oscillator 14 3 3 line (green) is crossing above the trigger line (orange), a confirmation of a bullish moving average crossover and a looming bullish rally.
Dogecoin Price Prediction
The long-term price analysis of BTC has a bullish bias, with the bulls soaring the price over the symmetrical triangle pattern. Additionally, the 50-day SMA is crossing above the 200-day SMA, forming a golden cross at $0.068. The bulls could use these two factors to drive the price even higher, targeting $0.14.
However, the RSI has already entered the overbought region at 87, which could suggest an incoming correction, which could push the price down in a slight retrace to $0.083, coinciding with the 50-day SMA.
Meanwhile, as the DOGE bulls enjoy the meme coin’s surge, investors are also looking at Sponge V2, a meme coin that’s following in the footsteps of its predecessor, Sponge V1, which soared 100X last year.
Buy $SPONGE V2 With 100X Possible Returns
If you missed $SPONGE’s 100X surge last year, there is no need to worry, as there is still an opportunity for you with Sponge V2, before it’s listing on major exchanges. Sponge was a massive success last year, accumulating over 13,000 holders and hitting a $100 million market cap.
You're not ready for $SPONGE 🧽🚀🧽#Web3 #Crypto #MemeCoin #Alts pic.twitter.com/RA9AKTddyg
— $SPONGE (@spongeoneth) February 27, 2024
Sponge V1 was discontinued on Feb. 5, with $SPONGE’s holders being moved to the more secure Sponge V2 on the Polygon Network.
📣 Attention, #SPONGERS!
Here is some important information to remember about $SPONGE V2!$SPONGE V1 has officially been discontinued, and V2 has been launched on #Polygon! 🔥
Learn more about the token details below 👇https://t.co/TCdxgXx40w
🧵1/3 pic.twitter.com/YZzXOlKmHY
— $SPONGE (@spongeoneth) February 6, 2024
Buy And Stake $SPONGE V2, Get Rewarded
You can also earn passively by staking $SPONGE V2 tokens, which offers an impressive 755% annual percentage yield (APY) on the Polygon Network. There are over $12 million V1 tokens already staked and bridged for Sponge V2.
The team is also planning on the launch of Sponge Racer, a game offering both free and paid versions. This game will allow players to engage in racing competitions, earning token rewards.
Jacob Bury, a prominent crypto YouTuber, believes that Sponge V2 has the potential to surge 10X on launch.
To join the presale, visit the official Sponge V2 website and link your digital wallet to swap your ETH or USDT for V2 tokens. You can also buy directly using your bank card.
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