Dogecoin price up 5% after $800 million trading volume

Dogecoin price up 5% after $800 million trading volume

Altcoin news, News

In the previous twenty-four hours, the price of dogecoin has increased by five percent, hitting $0.077698, with an increase in its daily trading volume to more than $800 million. Despite this rise, its current price indicates that it has decreased by 8% over the last week and by 21% over the course of the previous 30 days.

On the other hand, DOGE has maintained a gain of thirty percent since the last week of October, when Elon Musk’s acquisition of Twitter was officially announced. After this takeover, hopes were heightened that Twitter will include DOGE payments or tipping in some manner. The Dogecoin community continues to hold out hope that this will in fact happen sooner or later, which would result in a significant price increase for the alternative cryptocurrency.

Dogecoin Price Prediction as DOGE Explodes Up 5% After $800 Million Worth of Trading Volume Comes In – Here is Where DOGE is Going Next

In the present moment, DOGE is seeing a rise in momentum, and its technicals imply that today’s rally may extend into the weekend, if not for a longer period of time.

dogecoin up 5

Source: TradingView

After reaching a level of over 30 a couple of days ago, indicating that it had reached a position where it had been clearly oversold, its relative strength index (colored purple) has began to rise. And considering that it’s now only at 40, it still has a lot of opportunity to grow, lending credence to the notion that DOGE’s surge from earlier today might continue.

At the same time, the decrease that the alternative coin’s 30-day moving average (shown in red) experienced at the beginning of this month has been halted. It is now seeming as if it might start climbing farther above DOGE’s 200-day average (blue), which would indicate greater price increases.

The fact that Dogecoin (DOGE) has just been listed on Bitstamp, which CoinMarketCap identifies as the fifth-largest cryptocurrency exchange in the world in terms of volume, is the primary reason for today’s increase in the short term. This is one of the primary reasons for the significant rise in the amount of DOGE transactions.

Whether or not Twitter decides to implement dogecoin-based tipping or payments in the future, Bitstamp’s listing serves as confirmation that interest in DOGE remains high among major cryptocurrencies. This is the case regardless of whether Twitter decides to implement dogecoin-based payment methods in the future.

Naturally, a sizable portion of the Dogecoin community continues to be of the opinion that DOGE will be integrated in some fashion with the social network.

The fact of the matter is that Elon Musk’s intention to stand down as CEO of Twitter (until a successor has been selected) has brought into question the veracity of such optimism. In point of fact, the recovery in the price of DOGE that we’ve seen today may be attributed, at least in part, to the fact that the price has been rebounding from the drop it saw after Musk made this decision.

As a result of this, it is still uncertain as to whether or not we will really see DOGE payments on Twitter; nevertheless, given that Musk is still the owner of the social media firm, the chance does not completely disappear.

Assuming that it is still likely to occur, proponents of DOGE continue to increase $1 as the medium-to-long term price objective for the alternative cryptocurrency.

If Twitter does nothing with DOGE, then its price goals are most likely going to be on the more conservative side.

For instance, a group of industry professionals estimated earlier this month that it would reach $0.08 by the end of the year and then climb to $0.19 by 2025. Although this is not anywhere close to the type of ambitious goal that the Dogecoin community would want to see, it does seem to be more plausible than anything higher at the moment.

Compiled by Coinbold