OGE has dominated the headlines in the last few days due to its solid upward price movement, reaching an 11-week high. The increased social media noise and recent public comments by Elon Musk are driving this uptick. As DOGE soars higher, analysts are getting ambitious targets concerning the cryptocurrency price actions, setting as high as $0.1835.
Dogecoin Price Performance
Dogecoin rallied 9% on October 18, 2024, surpassing $0.13 to mark the highest valuation since late July. The recent rallies are largely referred to as a response to Elon Musk's public interaction, especially in the event held in Pennsylvania last week where he reiterated his support for Dogecoin.
Support by Musk was through casual remarks he made about the cryptocurrency, and within that instance, he received applause from attendees, an indication of the influence he holds over the market movements of DOGE.
Before this, the price of Dogecoin was on an uptrend. DOGE is displaying a very bullish momentum and has rallied more than 62% from its recent low of $0.08049 on August 5th. This further shows up on the technicals, indicating the MACD will show positive momentum and the 50-day EMA is in the line for a golden crossover.
The Impact of Social Media Activity
Data from LunarCrush indicates that the social interactions of the meme cryptocurrency have reached a 12-month high. Social dominance in the memecoin jumped 1.55% while creator engagements are up 2.59% in the last 24 hours. While market sentiment stands at 84% following a slight slump recorded in overall market sentiment, recent spikes in social activities are positive sentiments for DOGE.
Musk's involvement has many times coincided with the price action. As recently as March 2024, his comments on possibly accepting DOGE at Tesla resulted in a price spike. In addition, news of integrating the digital asset as a payment method on Tesla's website also catalyzed further upward movement at the beginning of the year. Observers are keen to establish whether this breakout could also echo into a wider altcoin rally based on social sentiment.
Price Targets and Market Outlook
Current price predictions for DOGE suggest the cryptocurrency might surge up to $0.1835, contingent upon the bulls remaining in play. Analysts note that DOGE had earlier cleared the critical Fibonacci levels, like the 23.60% and 38.20% levels, which were being done very well in its recovery. However, the RSI has flashed overbuying pressure, and a pullback in price action would mean it has entered the forbidden zone.
Key resistance levels above it are at $0.14404 and $0.1591. If the uptrend continues, DOGE could reach these targets. Conversely, supports come in at $0.1151 and psychological support at $0.10 levels that could cushion the fall in case of market corrections.
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