TL;DR
- Dogecoin surged 10% day by day, with hypothesis linking the rally to Elon Musk, whereas analysts predict potential additional beneficial properties.
- Regardless of the rise, its RSI over 70 means that the coin could also be overbought and due for a pullback.
Is DOGE Able to Skyrocket?
The main meme coin is among the many crypto sector’s high performers at the moment (October 16), recording a ten% value spike. It at the moment trades simply south of $0.13, whereas its market capitalization surpassed $18.6 billion.
DOGE’s newest rally might be attributed to the total revival of the business, the place Bitcoin (BTC) exceeded $67,500. Then again, different well-known meme cash have struggled to maintain tempo, witnessing extra modest value will increase.
As such, some business individuals steered that Dogecoin’s resurgence may have some connection to Elon Musk. To the uninitiated ones, Tesla’s CEO and one of the wealthiest folks on the planet, is a large proponent of the meme coin, usually praising its deserves. X person Bluntz was a type of supporting that principle:
$doge going psychological at the moment whereas all the opposite memes have been sliding.
somethings cooking and that i cant assist however really feel its one thing elon associated
— Bluntz (@Bluntz_Capital) October 16, 2024
A number of analysts claimed that DOGE has but to make the headlines by experiencing a value explosion. X person Ali Martinez offered a chart displaying that the valuation may skyrocket to an all-time excessive of $10 within the following months.
It’s value mentioning, although, that such a rally would require Dogecoin’s market cap to leap to over $1.4 trillion, making the forecast fairly unlikely. Some folks commenting on the submit shared skepticism, describing the prediction as merely not possible:
$doge going psychological at the moment whereas all the opposite memes have been sliding.
somethings cooking and that i cant assist however really feel its one thing elon associated
— Bluntz (@Bluntz_Capital) October 16, 2024
The Bearish Issue
Regardless of DOGE’s spectacular surge up to now 24 hours, one technical indicator hints at an incoming correction. Particularly, that is the Relative Power Index (RSI), whose ratio surpassed 70.
The metric measures the velocity and alter of value actions, with readings beneath 30 suggesting that the asset is in oversold territory and may be headed for a rally.
Then again, something above 70 typically alerts that DOGE is overbought and might be due for a pullback within the brief time period.
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