Dogecoin (DOGE) Rises 32% in Week, Analysts Predict Potential Correction
The post Dogecoin (DOGE) Rises 32% in Week, Analysts Predict Potential Correction appeared on BitcoinEthereumNews.com.
TLDR Dogecoin (DOGE) has rallied 32.6% in the past week DOGE is the second-best performing cryptocurrency among the top 100 by market cap Elon Musk’s support for Donald Trump may be influencing DOGE’s price Analysts predict a potential correction for DOGE in the near future The upcoming US presidential election could impact DOGE’s performance Dogecoin, the popular meme-inspired cryptocurrency, has seen a significant price surge recently. The digital asset has climbed 32.6% in the past week, making it the second-best performing cryptocurrency among the top 100 by market cap. This rally comes as the broader cryptocurrency market shows signs of recovery, with Bitcoin approaching the $70,000 mark. The recent price movement of Dogecoin has caught the attention of investors and analysts alike. Over the past month, DOGE has gained 38.4%, and its value has increased by nearly 144% since October 2023. Dogecoin Price on CoinGecko This impressive growth has led to speculation about the factors driving the rally and whether it can be sustained. One potential factor behind Dogecoin’s recent success is the involvement of Elon Musk, a long-time supporter of the cryptocurrency. Musk recently appeared at a town hall event on October 17, where he expressed support for Donald Trump in the upcoming presidential race. During this appearance, Musk also mentioned his desire to create a Department of Governmental Efficiency, jokingly abbreviated as DOGE. This connection between Musk, Trump, and Dogecoin has led some investors to speculate on the potential impact of the upcoming US presidential election on the cryptocurrency’s value. Some analysts believe that a Trump victory could lead to a market-wide rally, which might benefit Dogecoin given Musk’s support for both the candidate and the cryptocurrency. Changelly, another analysis platform, presents an even more bearish outlook. Their predictions suggest DOGE could trade as low as $0.104 by…
Filed under: News - @ October 21, 2024 9:22 am