Key Takeaways
- Dogecoin is rallying with a more than 8% rise in 24 hours.
- The market has reached $27.38 billion.
- The price surge is largely driven by the beginning of the Bitwise ETF approval countdown and Elon Musk’s trillion 1 trillion compensation plan approved by the Tesla board.
- If the momentum continues, the token may hit the pivot point of $0 2 in the upcoming weeks.
Dogecoin is rallying with more than 8% rise in 24 hours, and the market has reached $27.38 billion. The 24-hour trading volume increased by 80% reaching $3.38 billion, showing the momentum building up around the top memecoin. The price surge is largely driven by the beginning of the Bitwise ETF approval countdown and Elon Musk’s 1 trillion compensation plan.
Dogecoin Price Prediction: How High Will DOGE Go?
The price is up for the dogecoin today, and the token was able to hold the key level of 0.17 and rose to 0.18. Yet due to high volatility, the fear and greed index stands at 20. Nevertheless, the current surge is mirroring the past rallies of Dogecoin. If the momentum continues, the token may hit the pivot point of $0 2 in the upcoming week. Failing to hold the current level may lead to a pullback to $0.15 to $0.16.
What’s driving the Price of Dogecoin?
The Upcoming ETF approval, Elon Musk’s compensation, coupled with positive technical signals, are pushing the price up today.
The Bitwise ETF SEC Approval Countdown Begins & Elon Musk Trillion Dollar Pay
Bitwise updated its SEC filing for a spot Dogecoin ETF, facilitating automatic approval in 20 days, which is on November 26. The beginning of the countdown for the 20-day approval window has sent bullish signals into the market. The ETFs are an attractive entry point for institutional investors as they provide a regulated channel to invest in a rather volatile crypto market.
The Tesla board has approved 1 trillion in compensation pay for Elon Musk yesterday, November 7. Historically, the big events related to Musk had influenced the price of Doge significantly.
Technical Signals are Sending a Buy Signal While the Market is Shifting to Altcoins
The Dogecoin is trading above the 10-day Exponential Average of 0.17756. The 10-day Simple Moving Average is also sending bullish signals. 14-day Relative Strength Index (RSI) stands at around 44, suggesting a neutral stance. The MACD is having a bullish crossover. The dogecoin has defended the 0.17 support level, and now traders are closely watching whether the token can reach 0.2. The current run is mirroring the past surges of Dogecoin.
Moreover, the Altcoin season index has increased in the past week, showing an increased interest in the altcoin sector. The trend is favouring a bullish run for Dogecoin.
The Bottom Line: What lies ahead for Dogecoin?
Dogecoin is known for its high volatility, but the increased institutional activities are expected to help it consolidate and rally as the ETF approval is around the corner. The bullish predictions are projecting the price to hit $0.2 towards the end of the year. Nevertheless, with Elon Musk’s influence, the token may skyrocket anytime soon. A bullish run may be just a tweet away.