Dogecoin

Optimism

Elon Musk

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/dogecoin-shows-optimism-in-a-volatile-market/" data-wpel-link="internal">Dogecoin Shows Optimism in a Volatile Market</a><br></p>
<p style="text-align: justify">In a sea of red and high price volatility, Dogecoin (DOGE) stands out with a green and optimistic outlook. DOGE’s price is around $0.143 at the time of writing, marking a 3.4% increase in the last 24 hours. Similar to the general <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market</a> trend, the altcoin surged by 13% in anticipation of the Federal Open Market Committee (FOMC) announcement but has since pulled back.</p> 
<h2 style="text-align: justify" id="strong-could-reach-the-highest-level-in-3-years-strong"><strong>Could Reach the Highest Level in 3 Years</strong></h2> 
<p style="text-align: justify">For the past four months, DOGE has been trapped in a large descending triangle formation, which typically does not show a bullish trend but has a 34% chance of an upward breakout. DOGE’s price action is currently below the 50-day simple moving averages (SMA) but above the 200-day simple moving averages (SMA), indicating a tug-of-war between bears and bulls. The Relative Strength Index (RSI) is at 46 and acts as a support level.</p> 
<p style="text-align: justify"><img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-361955" src="https://coin-turk.com/wp-content/uploads/2024/06/Dogecoin-Altcoin-Alcalan-Uzgen.jpeg" alt="" width="1280" height="565"></p> 
<p style="text-align: justify">As DOGE approaches the end of the descending triangle formation, a critical decision point is near. It has strong support in the $0.12-$0.13 range, tested three times in the last four months, proving its robustness.</p> 
<p style="text-align: justify">An upward breakout could lead to a 79% price increase, potentially pushing DOGE to $0.27, the highest price in the last three years. On the downside, key support levels are at $0.12, $0.09, and $0.07.</p> 
<h2 style="text-align: justify" id="strong-elon-musk-factor-could-come-into-play-again-strong"><strong>Elon Musk Factor Could Come into Play Again</strong></h2> 
<p style="text-align: justify">The future outlook for Dogecoin appears promising. The <a href="https://en.coin-turk.com/investor-becomes-dollar-millionaire-with-these-16-altcoins/" data-wpel-link="internal">memecoin</a> king currently has a market cap of $20 billion, and its trading volume increased by 7% in the last 24 hours, indicating growing investor interest. A month ago, billionaire <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">Elon Musk</a> added DOGE as a payment method for Tesla, causing its price to rise.</p> 
<p style="text-align: justify">Recent rumors suggest Musk plans to integrate Dogecoin into the X platform. An animation post by DogeDesigner showed a merger between the old X payment platform and the X social media app. With Musk obtaining a money transfer license in January and planning to launch a digital payment platform later this year, these developments could significantly impact DOGE’s price.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/dogecoin-shows-optimism-in-a-volatile-market/" data-wpel-link="internal">Dogecoin Shows Optimism in a Volatile Market</a></h5>

Dogecoin Shows Optimism in a Volatile Market

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