Dogecoin has once again recovered on support about $ 0.31 over the past 24 hours. This recovery comes after a 10-day decline as saw that it erases most of their profits during the first half of the year. However, the Bulls have been able to defend the support level of $ 0.31 again to prevent further price decreases.
With the successful recovery Now looks like it’s doneThe next question is whether it can maintain this positive momentum and break over the $ 0.4 mark, leaving the $ 0.3 interval after for good. According to An analyst on The TradingView platform, the combination of Elon Musk’s influence, technical indicators and trends in the wider crypto ecosystem means that Dogecoin will shoot over this level soon.
Dogecoin Price Pump over $ 0.4 is imminent
Dogecoin will not yet maintain a strongly decisive feature above $ 0.4 this market cycle and has spent the most time between $ 0.3 and $ 0.4. According to insights from crypto analyst Madwhale, This may change soon With the latest market dynamics around Dogecoin’s role in the crypto industry.
Number one, Dogecoin has received significant prominence Alongside the billionaire Elon Musk. Musk’s vocal support has increased Dogecoin’s position from just the most prominent Meme coin among thousands, making it a staple in his business company. His upcoming blockchain-powered payment platform, XMoney, will integrate the MEME coin into its companies, including Tesla and SpaceX. This initiative can increase the demand for Dogge and further strengthen its relevance in Musk’s ecosystem outside the crypto industry.
In addition, Musk’s connection to Donald Trump and their shared commitment with Cryptocurrency has received renewed attention in the sector before and after the US election. This collaboration has increased interest among cryptocurrencieswith Dogecoin being one of the foremost recipients of this increase of interest.
Technical indicators and market moments indicate pump over $ 0.4
From a technical point of view has analysts predicted different haussearted pricing targets For dogecoin with technical indicators and market cycles. This feeling was also repeated in the analysis of Doges pump over $ 0.4. A decisive interruption over the upper trend line in its current channel would strengthen the haus -like outlook, even if it would test the trend line.
Finally, Dogecoin is bound to broader trends in technology and crypto space and is in an excellent position to take advantage of Booming Artificial Intelligence Industry. This increase in artificial intelligence is expected to affect the Cryptocurrency trading and market dynamics forward. Given Musk’s active role in both artificial intelligence and crypto, Doge was able to benefit from AI progress and see Dogecoin integrate in the combination of the two industries. This in turn may be the last driving force needed to maintain a move above $ 0.4 and reach a new price all the time over $ 0.7316.
At the time of writing, Doge traverses to $ 0.33 and increases by 6% over the past 24 hours.
Trained Image from Adobe Stock, charts from tradingview.com
