Dogecoin Signals and Surge Potential
Dogecoin has been on a tear lately, with several developments contributing to its rise. One significant development is the announcement that a physical DOGE coin is being sent to the moon. However, other factors are also boosting the price, including an indicator pointing toward a bullish breakout.
Crypto analyst Tony The Bull identified an indicator that triggered a 23000% surge in the Dogecoin price in the past. This signal is produced by the 1-Month (1M) Parabolic SAR and could send the DOGE price above $10. Last time this indicator appeared was in 2021, when the price surged by more than 23000% due to the popularity of Elon Musk’s posts.
If history repeats itself, the peak of the surge could push the price above $18. However, it could take some time for this indicator to play out fully, as the meme coin took nearly a year to complete its 23000% move after the parabolic SAR appeared the last time.
DOGE Metrics and Momentum
Although the Dogecoin price has slowed down recently, its metrics suggest a sustained rally. For instance, the daily trading volume has jumped by over 100%, reaching $1.9 billion, indicating increased buying and selling activity, yet suggesting a continued rally.
Moreover, anticipation leading up to the Dogecoin mission to the moon in December is expected to trigger new interest in the asset, potentially driving up demand and pushing the price higher. At the moment, Dogecoin continues to maintain a good portion of its 24-hour gains, with its price crossing $0.086 after a more than 8% increase in one day.
Hot Take: Dogecoin Continues to Soar
Overall, the recent developments surrounding Dogecoin are fueling its soaring price, with indicators pointing to a potential bullish breakout, and metrics showing increased trading volume and sustained momentum. This suggests that the meme coin’s price could be on the cusp of reaching new highs, especially as anticipation for the upcoming Dogecoin mission to the moon mounts.
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