Dogecoin price prediction remains bullish as the most popular meme token has crossed over the 50-day moving average above $0.1120. DOGE coin has a market cap of $16 billion and is ranked 8th in the list of cryptocurrencies.
DOGE, a cryptocurrency, has seen massive gains in recent days, rising more than 31% in the last 24 hours and more than 110% in the last seven days.
Twitter Deal Announcement
The meme coin is gaining traction as a result of the Twitter deal, which is expected to be finalized soon. Elon Musk, a long-time supporter of Dogecoin, has hinted that he will soon reach an agreement with Twitter to purchase the social media platform.
This announcement has given DOGE investors hope because Musk previously promised to integrate DOGE payments into the platform. It was not the first time Elon Musk’s tweet or comment influenced the price of the DOGE token. He has multiple times caused a surge in this unique memecoin.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
As a result, it is incorrect to assume that the coin has a special relationship with the world’s richest person. The optimism surrounding the Twitter transaction is what is keeping the meme token higher on the market and causing its value to rise. It has now become one of the top-performing cryptocurrencies this week, owing to Musk and Twitter Deal optimism.
Will DOGE reach $1 after the Deal Announcement?
Aside from that, the DOGE coin was receiving bullish bets in the hopes that it would soon cross the $1 threshold. Its price is currently near $0.12, and while there is still a long way to go before reaching $1, the surrounding optimism is keeping the hopes alive.
Furthermore, improved market sentiment is driving up prices after the total market cap of cryptocurrency surpassed $1 trillion. On the other hand, Musk’s unpredictable nature is forcing some investors to withdraw their profits, causing the DOGE price surge to slow.
Dogecoin Price Chart – Source: Tradingview
Technically, Dogecoin’s immediate resistance stays at the $0.14 level, which is being extended by a downward trendline.
On the weekly chart, DOGE has formed a descending triangle pattern, that typically signals bearish bias, but the recent fundamentals and a bullish crossover above the 50-day moving average are signaling chances of a bullish crossover.
A break above the $0.14 level can expose the DOGE price toward the $0.18 level or even toward $0.22.
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