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Dogecoin (DOGE) has been in the news once again, with analysts anticipating a rise in prices. After Trump’s victory in the last election, cryptocurrency enjoyed an exceptional situation 157% weekly increase Fueled by growing speculation about Elon Musk and Trump’s roles in the incoming administration.
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Dogecoin is on a tear
A number of cryptocurrencies, including Dogecoin, have seen significant price gains as a result Bitcoin’s recent rise To more than $88,000,000. This newfound meme-inspired interest in cryptocurrency has given rise to speculation regarding its future as well as price predictions for the coming months or years regarding its value.
DOGE price registers a solid 150% in the last week. Source: Bitstamp
Price forecasts for 2024
There is a wide range of predictions regarding the value of Dogecoin for this year by many analysts. The conservative estimate ranges from $0.078 to $0.106, while the optimistic estimate is $0.45. Based on the analysis, it is expected to be worth $0.1194 and $0.1443 for this year. Again, volatility is caused by market sentiment and other external causes.
It is interesting to note that the correlation between Dogecoin and Bitcoin is still strong, with a score of 0.92. What this means is that DOGE tends to rise or fall with Bitcoin. According to analysts, this correlation could be a double-edged sword. If Bitcoin declines, Dogecoin may not be safe.
Market sentiment and investor interest
The current market sentiment for Dogecoin is bullish, with the Fear and Greed Index standing at 69, reflecting investors’ greed. DOGE has spent 19 of the last 30 days in the green, indicating its current uptrend. Dogecoin is also gaining popularity among retail investors, who are drawn to the cryptocurrency space by meme culture and community support.
Meanwhile, according to one analyst, traders should expect massive upward swings followed by significant declines, lasting until 2025. A large increase in volume should also cause the price to rise.
$dawg $10+ Dogecoin?!🚀🚀
Anyone who has followed me for a while knows that the inverse head and shoulders pattern is my favorite trading setup in my trading career. In every single cycle, #Dogecoin This pattern was formed before going to a huge rally.
-The first session went up… pic.twitter.com/40myJfxXoo
– Shima James Potts (@DimaPotts36) November 10, 2024
Despite these optimistic expectations, some analysts warn of unrealistic expectations. While Dogecoin is expected to make significant gains, it may also see corrections along the way. One forecast predicts a 12% decline by December 2024.
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The broader crypto landscape
The broader cryptocurrency market, which began in 2023, is recovering primarily due to… Bitcoin recovery. As Bitcoin continues to reach new highs, altcoins like Dogecoin often benefit from the enthusiasm. However, experts advise investors trying to diversify their portfolios not to rely solely on Bitcoin’s performance.
Although Dogecoin’s value is likely to rise significantly in 2024 and beyond — especially since the coin recently surged 150% — investors should be careful because the cryptocurrency market is volatile. It is believed that the relationship between Bitcoin and Dogecoin will continue to be a factor in the DOGE movement over the next few months. As always, potential investors should do their homework and check market conditions before investing any money.
Featured image from Techpoint Africa, chart from TradingView
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