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The Dogecoin price rose 4% in the last 24 hours to trade at $0.1434 as of 03:43 a.m. EST on trading volume that skyrocketed 95% to $1.56 billion.
This comes as Elon Musk also said he’ll save the US $2 trillion through the Department of Government Efficiency (DOGE) that Donald Trump has said Musk will head if he retakes the White House after November’s US election.
Such comments, though not about DOGE itself, have often buoyed the Dogecoin price because of the acronym for the name of the government department.
Dogecoin Price To Continue Soaring
After being in consolidation in early October, the Dogecoin price went on a markup phase from the $0.108 level to $0.1458, according to data from GeckoTerminal.
The $0.1458 is now acting as the immediate resistance zone, which has allowed the price of Dogecoin to trade within the sideways pattern as the bulls aim for a breakout above.
DOGE now trades above both the 50-day and 200-day Simple Moving Average (SMA), affirming the current bearish rally. The Dogecoin price aims for a continued rally, with the price now trading within the upper boundary of the sideways pattern.
Moreover, the Relative Strength Index (RSI) is at 59.89, slightly below the overbought threshold of 70, indicating moderate bullish momentum without being overextended. This level gives the price room to climb before the RSI reaches overbought conditions, so there’s potential for further gains before a possible correction.
The MACD line is slightly above the signal line, and both are in positive territory. This is a bullish sign, as it suggests that upward momentum is building. However, the lines are close, so a decline in volume or buying interest could lead to a bearish crossover. For now, it favors the bulls, but continued monitoring is essential to catch any early signs of momentum loss.
Dogecoin Price Prediction
According to the DOGE/USD chart analysis, the Dogecoin price is aiming at a continued rally over the sideways pattern. If DOGE can break above the $0.1450 resistance with increased volume, it could signal a continuation of the uptrend, potentially aiming for the next resistance zone around $0.1572 or higher.
Meanwhile, if the price of Dogecoin fails to break above $0.1450, it could lead to a pullback toward the support zone at $0.12 (200-day SMA). If that support breaks, it could suggest a short-term trend reversal.
As the Dogecoin price soars, investors are also piling into a new meme coin presale called Flockerz (FLOCK).
According to 99Bitcoins, a popular crypto channel on YouTube with over 706K subscribers, $FLOCK has the potential to soar 100X after its launch.
Flockerz Presale Heads For $1.5 Million In Presale
Flockerz is a meme coin that aims to reshape decentralization by empowering its community, known as “The Flock,” to influence its future direction. It’s already raised more than $1.1 million in funding.
At the heart of Flockerz is FlockTopia, a platform where every holder has a voice and can earn rewards through an innovative vote-to-earn (V2E) system. Put simply, token holders earn rewards just by voting.
The flock is flying high! We’ve officially crossed $300K! pic.twitter.com/MsLc5PeoyX
— Flockerz (@FlockerzToken) September 28, 2024
In Flocktopia, decisions about the project’s future are made collectively by the community. Every member has a say, making the platform a truly decentralized and inclusive environment.
Apart from V2E rewards, users can earn passively through the platform’s staking mechanism, with a sky-high annual yield of 1,520%.
To join the presale, you can buy $FLOCK on the official website here for $0.0058862 per token using BNB, ETH, or USDT. You can also make a purchase using your bank card.
Buy before a price hike in less than 3 days to secure the best deal.
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