Dogecoin has once again rebounded in support of about $ 0.31 in the last 24 hours. This rebound comes after a 10 -day drop which saw him erased most of his earnings in the first half of the month. However, the Bulls were able to defend the level of support of $ 0.31 to avoid new price reductions.
With the successful rebound which is now like what it is doneThe following question is whether it can support this positive momentum and exceed the bar of $ 0.4, leaving the range of $ 0.3 for good. According to An analyst on The TradingView platform, the combination of the influence of Elon Musk, technical indicators and trends in the wider crypto ecosystem means that Dogecoin will soon shoot above this level.
The Dogecoin price pump greater than $ 0.4 is imminent
Dogecoin has not yet made a solid decisive decision above $ 0.4 this market cycle and spent the most time between $ 0.3 and $ 0.4. According to information from the Crypto Madwhale analyst, It could change soon with a recent market dynamic surrounding The role of Dogecoin in the cryptography industry.
Number one, Dogecoin has acquired significant importance Alongside billionaire Elon Musk. The vocal support of Musk has increased the dogecoin position of the most important part of the thousands of people, making it a must in its commercial companies. Its next payment platform supplied by the blockchain, XMoney, should integrate the memes piece in its companies, notably Tesla and SpaceX. This initiative could increase the demand for Doge and further consolidate its relevance in the Musk ecosystem outside the cryptography industry.
In addition, the connection of Musk with Donald Trump and their commitment shared with the cryptocurrency attracted renewed attention to the sector before and after the US elections. This collaboration has Increased interest among cryptocurrenciesDogecoin being one of the main beneficiaries of this wave of interest.
Technical indicators and market momentum indicate a pump greater than $ 0.4
From a technical point of view, analysts have predicts various bull price objectives For Dogecoin using technical indicators and market cycles. This feeling was also taken up in the analysis of the Doge pump greater than $ 0.4. A decisive rupture above the higher trend line of its current channel would consolidate the upward perspectives, even if it had to retest the trend line.
Finally, Dogecoin is linked to broader trends in technology and cryptographic space and is in a privileged position to benefit from the booming artificial intelligence industry. This rise in artificial intelligence should influence the trade in cryptocurrency and market dynamics in the future. Given Musk’s active role in artificial intelligence and crypto, DOGE could benefit from AI progress and see DOGECOIN in the combination of the two industries. This, in turn, could be the last push necessary to maintain a decision of more than $ 0.4 and reach a new price of all time more than $ 0.7316.
At the time of writing this document, DOGE is negotiated at $ 0.33 and is up 6% in the last 24 hours.
Adobe Stock star image, tradingView.com graphic