Dogecoin (DOGE) Might See Massive Rally; Are the Bulls Fully in Control?

Author: Sohrab Khawas

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    World’s largest meme token Dogecoin (DOGE) is seeing some huge bullish action right now. The Elon Musk-loved token has increased by about 9% in the past seven days at the time of writing and 2% in the past twenty-four hours.

    It should be noted that even before the current surges in prices, DOGE had been seeing a pretty decent increase. However, it took a brief break and tumbled by over 5%, then quickly, the bulls regained control.

    Tesla Quarterly Earnings Report On the Horizon

    This recent price activity occurs at a time when Elon Musk’s Tesla is ready to publish its quarterly earnings report for the fourth quarter of 2022.

    It is interesting to note that Elon Musk said that Tesla did not sell any of the DOGE holdings on the results call for the second quarter.

    Moreover, it is a well-known fact that both Tesla and Elon Musk adore Dogecoin. The crypto advocate even made it possible for people to purchase electric vehicles using the meme token. Also, his other company Twitter is eventually going to integrate the token as a payment method for its Twitter Blue subscription. 

    Dogecoin Short-Term Price Prediction

    The current price of one dogecoin is $0.0088. A possible indication that the uptrend in DOGE has finished may be seen in the Relative Strength Index (RSI), which compares recent price levels to those of the past to foretell when a market may change direction.

    A break over the $0.095 liquidity barrier might render the current downtrend null and void. If the price makes a new high, the current uptrend may continue for a little longer. The $0.10 threshold represents a significant psychological barrier and is thus likely to be the next point of resistance. If the bullish scenario comes to pass, the price of Dogecoin would see a rise of 20% before the middle of 2023.

    Notably, DOGE’s on-chain signals are mostly bullish, as shown by data from IntoTheBlock.

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