Dogecoin Price Prediction: DOGE Soars 4% After Elon Musk Comments, But Traders Turn To This Presale With A 1,520% Staking APY
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.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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