With Christmas Day approaching, investors are closely monitoring specific cryptocurrencies to gauge their performance during the season, even as the general market continues to trade in the green zone.
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According to the tool, on December 25, 2023, Dogecoin is projected to trade at $0.105, reflecting marginal gains of almost 2% from the asset’s valuation at the time of writing. Notably, the tool predicts a consistent surge in DOGE’s value over the next 30 days.
Can Dogecoin sustain bullish momentum?
While Dogecoin has exhibited a sluggish growth trajectory for most of the year, the meme coin recently embarked on a rally in line with the overall market. Amid the gains, the lingering question is whether Dogecoin can sustain the momentum in search of a new all-time high.
It is worth noting that Dogecoin has reached its highest level of $0.10 for the first time since April. While the rally is significantly influenced by prevailing bullish sentiment, DOGE’s association with Tesla (NASDAQ: TSLA) CEO Elon Musk could play a key role in its price trajectory.
Dogecoin’s price movements are frequently influenced by news related to Musk. His outspoken support for the meme coin and hints that Dogecoin could potentially be involved in future financial services on the X (formerly Twitter) have contributed to the coin’s sensitivity to Musk-related developments.
Attention on DOGE and Musk has shifted to a potential connection with Tesla’s latest addition, the Cybertruck. Given Musk’s track record, the Tesla Cybertruck page contains multiple references to Dogecoin in its code, fueling speculation about using DOGE as a payment option for the futuristic truck. Indeed, such an addition will be bullish for the meme coin as it searches for the $1 valuation.
It’s essential to highlight that, despite the code references, neither the company nor Musk has officially mentioned Dogecoin as a payment option for the Cybertruck, adding an element of uncertainty to the speculation.
DOGE price analysis
As of press time, Dogecoin was trading at $0.103, recording daily gains of almost 5%. On the weekly chart, DOGE is up over 20%.
Reviewing Dogecoin’s technical analysis indicates that bullish sentiments dominate the meme coin. A summary of gauges aligns with the ‘strong buy’ sentiment at 16. Moving averages also signal a ‘strong buy’ at 14, while oscillators are neutral at 8.
Considering everything, the prevailing atmosphere in the cryptocurrency industry does appear to lean toward a bullish sentiment concerning the future price of DOGE in the near term.
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