Dogecoin enthusiasts are now celebrating as the meme-inspired cryptocurrency crosses the $0.8 threshold for the first time since July. This surge in value is attributed to the growing excitement within the community regarding the upcoming launch of a physical Dogecoin to the Moon.
As of the latest update, Dogecoin is priced at $0.08254, exhibiting a 7.17% increase in the past 24 hours. The cryptocurrency boasts a 24-hour trading volume of $3.87 billion, a market cap of $11.59 billion, and a market dominance of 0.82%.
Dogecoin to the Moon in collaboration with space robotics firm Astrobotic Technology. According to a X post on Thursday, Astrobotic aims to transport a physical Dogecoin using the DHL Moonbox aboard United Launch Alliance’s Vulcan Centaur Rocket on December 23.
In a recent tweet, Santiment reported a modest 5% surge in Dogecoin’s value, breaking through the generally flat atmosphere of the crypto market. The surge was supported by a substantial $665 million in onchain transaction volume, marking its highest level in the past three months. Adding to the momentum, a noticeable increase in $DOGE longs suggests that traders are optimistic about future price movements.
Dogecoin Price Prediction
Amidst the excitement, investors and traders are now speculating whether Dogecoin can rally to hit the $0.1 mark before the week concludes. Dogecoin needs to surpass immediate support/resistance levels to enhance the likelihood of further gains.
A significant bullish indicator is the validated double-bottom pattern, suggesting a potential 38% breakout to the $0.1 target. Typically signaling a trend change, this pattern is often accompanied by increased trading volume, introducing volatility to sustain an uptrend.
The resistance at $0.08, mirroring a previous top in late July, is not surprising to many observers. Anticipating a consolidation phase, analysts expect Dogecoin to make a larger breakout targeting the coveted $0.1 threshold.
Analyzing the Relative Strength Index (RSI), it reveals that bulls are currently in control after a brief period of profit-taking. As long as the RSI continues its upward movement into the overbought region above 70, the path of least resistance for Dogecoin appears to be toward higher valuations.
Traders and enthusiasts alike are now eagerly watching the charts, anticipating the cryptocurrency’s next move as it rides the waves of excitement surrounding the Moon mission and market dynamics.