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Dogecoin Price Prediction: DOGE appreciates by over 20% after Elon’s DogeFather tweet

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  • Dogecoin price prediction highlights DOGE’s breakout past its immediate supply zone.
  • Dogecoin records gains of over 20 percent over the last 24-hours.
  • Dogecoin manages to bypass its early morning no-trade region ranging from $0.25 to $0.28.

During the start of trading today, Dogecoin was subjected to fleeing investor confidence following its price stagnation at the $0.2 region. It appears this region is quickly becoming a space that lacks volatility for the crypto asset. However, the crypto coin managed to record an explosive price surge past the $0.3 mark.

Dogecoin Price Prediction: General price overview

Dogecoin, the 6th largest crypto asset by market cap in the market earlier today registered a shocking 22 percent uptrend from $0.28 to $0.35. This came one hour after the serial businessman, Elon Musk tweeted about the meme currency. In his usual style, Elon took to his Twitter handle to stamp his approval for the crypto asset. Elon is known for hyping Dogecoin even though he is a Bitcoin holder. In his tweet, he wrote, “The Dogefather SNL 8 May.” His message was to create awareness of the upcoming SNL conference that he is poised to attend as a “Godfather”

Soon after the tweet, Dogecoin price started to assume an upward trend and it is currently exchanging at about $0.323 at the time of writing. Recently, Dogecoin managed to register a new all-time high of about $0.44, making many investors overnight millionaires. Most of the people who benefited from this were Tik Tok users who had heavily invested in the crypto asset.

Elon is now known for promoting Dogecoin and he has been crowned the unofficial CEO of the crypto network due to his efforts. His unusual Dogecoin tweets have also got him in trouble with the US Security and Exchange Commission cautioning him to be careful or face prosecution for violating regulatory laws.

Dogecoin price movement in the past 24 hours

Dogecoin Price Prediction: DOGE appreciates by over 20% after Elon’s DogeFather tweet 1
Source: TradingView

Late Tuesday evening, the famous talk show Ellen was hosting Billionaire Mark Cuban where he asked him his comments about cryptocurrency and Dogecoin. In his response, Mark spoke about his admiration for the crypto coin. Speaking about its history and its current performance, Mark expressed confidence in Dogecoin. All these sentiments and publicity are responsible for the sudden attention and rise in price.

At present, Dogecoin’s upward trend appears to be far from over as it basks in the recent positive publicity from notable personalities. Due to this, Dogecoin is currently one of the top daily movers in the entire cryptocurrency market, beating the likes of Ethereum and Cardano. It is worth noting that Bitcoin currently is struggling to cement a $55,000 support amidst a bullish market.

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Dogecoin 4-hour chart

Dogecoin Price Prediction: DOGE appreciates by over 20% after Elon’s DogeFather tweet 2
Source: TradingView

According to Dogecoin’s 4-hour chart, the crypto asset is currently experiencing massive buying pressure. When you look at the RSI metric which currently stands at 67, you will see the bulls have an upper hand compared to the bears. Also adding credence to the bullish picture is the Moving Average Convergence Divergence (MACD) technical indicator. At the time of writing, it is evident that the MACD blue line is hovering way above the signal line, indicating Dogecoin is strongly bullish.

Conclusion

Despite Elon’s influence in controlling Dogecoin’s price, analysis shows the crypto coin is moving away from depending on notable personalities. Dogecoin has of late being recording positive prices without the assistance of these personalities. At present, Dogecoin is a familiar crypto asset to most traders and investors in the market.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

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DOGE/USD are traded at 0.2460 and continue to move within the correction and the bullish channel. Moving averages indicate a short-term bullish trend for Dogecoin. Prices are testing the area between the signal lines again, which indicates pressure from buyers of the asset and a potential continuation of the rise from the current levels. At the moment, we should expect an attempt to develop a correction in the value of a digital asset and a test of the support level near the 0.2345 area. Where can we expect a rebound again and a continuation of the rise in the Dogecoin rate with a potential target above the level of 0.3205.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

In favor of the growth of DOGE/USD quotes, a test of the trend line on the relative strength index (RSI) will come out. The second signal will be a rebound from the lower border of the bullish channel. Cancellation of the coin growth option will be a fall in the value of the asset and a breakdown of the 0.2105 area. This will indicate a breakdown of the support area and a continued fall in the cryptocurrency rate with a potential target below the level of 0.1745. With the breakdown of the resistance area and closing of quotations above the level of 0.2845, we should expect confirmation of the development of a bullish trend in Dogecoin, which will indicate a breakdown of the upper border of the ”Triangle” model.

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021

Dogecoin Forecast and DOGE/USD Analysis October 22, 2021 therefore imply an attempt to correct and test the support area near the 0.2345 level. Where can we expect a rebound and continued growth in DOGE/USD to the area above the level of 0.3205. An additional signal in favor of a rise in Dogecoin will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option will be a fall and a breakdown of the 0.2105 area. This will indicate a continued decline in cryptocurrency with a target below 0.1745.

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Dogecoin Adoption in the US Supercedes Bitcoin and Ethereum, According to New Crypto Survey

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The adoption rate of Dogecoin (DOGE) in the US is nearly double that of the rest of the world, according to a new survey from the Australian publication Finder.

The survey polled 41,645 individuals in 22 countries and found that nearly a third of all cryptocurrency holders in the US own Dogecoin.

“Of those that own crypto, Dogecoin sees its highest adoption in the United States with 30.6% of crypto owners saying they own Dogecoin. This is 1.6 times the global average adoption rate of 19.2%.”

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The Finder survey says that Cardano (ADA) enjoys the highest popularity in Australia, where more than a quarter of the country’s adult crypto holders own ADA.

“Cardano sees its peak in adoption in Australia, where 26.3% of the online population who own crypto say they have Cardano, which is 1.4 times the global average adoption rate of 18.5%.”

Bitcoin (BTC), Ethereum (ETH) and Binance Coin (BNB) enjoy the highest adoption rates in Asia.

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More than three-quarters of Japanese crypto holders own BTC, while over half of Singaporean crypto holders possess ETH. Slightly more than a quarter of Indonesian crypto holders have BNB.

“Bitcoin has the highest adoption in Japan with 76.7% of adults who own crypto saying they own Bitcoin. This is 1.3 times the global average adoption rate of 58.9%.

Ethereum sees its highest adoption with crypto owners in Singapore with 52.4% of adults who own crypto saying they own Ethereum. This is 1.9 times the global average adoption rate of 27.4%.

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Binance Coin sees its highest adoption among those who own crypto in Indonesia, with 26.9% of respondents who own crypto saying they own Binance Coin. This is 1.8 times the global average adoption rate of 15%.”

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Dogecoin Price Struggling Near Vital DMA Lines, With Average Volume Activity.

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  • Dogecoin price is currently trading near its major moving averages of 20, 50, 100, and 200-day lines, with slightly lower volume activity. 
  • The digital asset is presently trying to suppress its vital DMA lines and holding its 100 and 200-day lines. 
  • The pair of DOGE/BTC is trading at 0.000003868 BTC with an intraday gain of +1.02%, and the ratio of DOGE/ETH is CMP at 0.0000595 ETH with a 24-hour change of -5.98%.
tradingview

Dogecoin price over the monthly chart is trying to sustain above its all vital moving averages of 20, 50, 100, and 200-day lines. Meanwhile, volume activity over the chart is slightly lower and needs to grow strongly. Similarly, the sustainability above its vital DMA lines with supportive volume activity will boost more upside in upcoming trading sessions.

Once the crypto asset jumps above its vital DMA lines, supportive volume activity will create the next lap of bullish move till $0.32 to $0.36. Support on the lower side is $0.2250 and $0.1945, whereas resistance on the higher side is $0.2720 and $0.3260. 

Dogecoin price is trading under the bullish chart pattern while creating higher highs and lows

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Dogecoin price at the weekly chart is trading under the bullish chart pattern while creating higher highs and lows. Meanwhile, the technical parameters are slightly neutral, with a slight recovery from lower levels. Volume over the chart slightly increases and needs more growth for a continuation of the pattern. DOGE price is trading at $0.2573 with an intraday gain of +2.34%, and the volume to market cap ratio is 0.06616.  

Relative Strength Index (BULLISH): Dogecoin price RSI is heading towards the overbought zone after a good recovery from the lower levels. In contrast, the coin trades on a higher note and projects slight caution with longs and RSI at 56. 

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