Dogecoin Social Significance Soars on ETF Excitement and Whale Purchases, According to Santiment, Prompting Traders to Invest in Solaxy Pre-sale for Potential 100-fold Increase
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As we speak, Dogecoin (DOGE) surged 2% in the last 24 hours, pushing its price up to $0.1799, with trading volumes increasing 19% to an impressive $1.1 billion.
You might wonder, what's causing this spike? According to Santiment, the surge can be attributed to Dogecoin's explosive social dominance, fueled by enthusiasm generated by firms filing paperwork to launch Dogecoin Spot ETFs (Exchange-Traded Funds). Notable players like 21Shares and Bitwise are aiming to bridge the gap between institutional investors and the crypto world, promising easier and regulated access to cryptocurrencies like Dogecoin.
However, the SEC has chosen to postpone decisions on these filings until mid-June. Although this delay might add some uncertainty, don't count out the DOGE just yet!
Is It a Bull Run or Bear Market for Dogecoin?
The daily chart for DOGE's price shows a falling wedge pattern, which is generally considered a bullish reversal formation. This dance between support and resistance could culminate in a bullish breakout, with initial targets around $0.20 - $0.25, depending on the breakout's force and volume.
But let's not get too far ahead. The 50-day Simple Moving Average (SMA) at $0.1691 offers near-term support, while the 200-day SMA takes a backseat at $0.2635. For now, the DOGE's position below the 200-day SMA hints that the long-term trend remains bearish.
On a brighter note, the RSI is hovering at 56.92, showing a slightly bullish tilt but not signaling overbought territory just yet. Meanwhile, the Moving Average Convergence Divergence (MACD) is slightly positive and moving upward, suggesting potential bullish momentum.
Dogecoin Price Prediction
The falling wedge pattern crystalizes as a bullish development, implying a likely breakout with the upper trendline ($0.19) as the battleground. If DOGE convincingly breaks this barrier, it could signal a quiet storm toward the 200-day SMA at $0.2635, possibly culminating in a measured move toward $0.25 - $0.28, aligning with historical price reaction zones.
However, failing to hold the 50-day SMA ($0.1691) could invalidate the wedge, leading to a retest of the lower support zone around $0.14 - $0.15.
Meanwhile, investors are gravitating towards a new Solana project named Solaxy (SOLX). With a staggering $32.7 million raised during its presale, this contender aims to breathe new life into the Solana ecosystem by addressing congestion issues and improving scalability through off-chain processing.
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As we speak, Dogecoin (DOGE) skyrocketed an astounding 2% in the last 24 hours, with prices soaring to $0.1799 at 4:34 am EST. Trading volumes have seen a concurrent boost, surging a remarkable 19% to $1.1 billion.
Behind this boost, you may ask? Santiment highlights a significant surge in Dogecoin's social dominance, powered by cryptic firms submitting paperwork to launch Dogecoin Spot ETFs (Exchange-Traded Funds). Renowned entities like 21Shares and Bitwise are on a mission to connect institutional investors with the cryptocurrency realm, offering a more straightforward and regulated path to cryptocurrencies like Dogecoin.
Although the SEC has delayed decisions on these filings until mid-June, this delay hasn't fazed Dogecoin's enthusiastic followers just yet.
Should You Lose Faith in Dogecoin?
The DOGE's daily price chart demonstrates a falling wedge pattern - a common bullish reversal setup. This intricate dance between support and resistance raises hope for an impending bullish explosion, with possibilities of reaching prices between $0.20 - $0.25 (depending on the breakout's strength and volume).
However, the DOGE's position below the 200-day Simple Moving Average (SMA) at $0.2635 keeps the long-term trend bearish. Don't lose heart though, as the 50-day SMA at $0.1691 provides welcome support for the near term.
For now, the Relative Strength Index (RSI) is at 56.92, subtly leaning to the bullish side, whilst the Moving Average Convergence Divergence (MACD) exhibits a positive slant, hinting at growth.
Dogecoin Price Prediction
The falling wedge auspiciously foreshadows a bullish breakout, making a stand at the upper trendline ($0.19) the decisive battleground. If DOGE successfully breaches this line, it could trigger a chain reaction, propelling the price toward the 200-day SMA at $0.2635, potentially culminating in a measured move toward $0.25 - $0.28, aligning with historical price reaction zones.
However, a failure to hold the 50-day SMA ($0.1691) could dismantle the wedge, triggering a retest of the lower support zone around $0.14 - $0.15.
While you're at it, don't miss out on the latest crypto buzz by joining our Telegram channel! Stay on top of every twist and turn in this thrilling ride.
Other Sizzling Crypto Happenings
- VIRTUAL Soars 121%, But Investors Rush To Buy This Rival's ICO Before It's Too Late
- New Cryptocurrency Releases, Listings & Presales Today - Lumora, Sage Union, Mito
- Top Cryptocurrencies to Invest in Now May 1 - Quant, Lido DAO, Optimism
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- In the realm of finance, Dogecoin (DOGE) has seen a significant surge of 2% in the past 24 hours, reaching an average price of $0.1799 and generating trading volumes of $1.1 billion.
- This spike is attributed to Dogecoin's increasing social dominance, fueled by enthusiasm generated by firms planning to launch Dogecoin Spot ETFs (Exchange-Traded Funds).
- For instance, 21Shares and Bitwise aim to bridge the gap between institutional investors and the crypto world, offering regulated access to cryptocurrencies like Dogecoin.
- Despite the SEC's delay in decision-making on these filings until mid-June, Dogecoin's average price might continue to rally, as it hovers slightly above the 50-day Simple Moving Average (SMA) and demonstrates bullish signals from the Moving Average Convergence Divergence (MACD).
