Dogecoin is currently enjoying a breakout rally, with its relative strength index (purple) reaching 70 as a result of increasing momentum. At the same time, its 30-day moving average (red) has overtaken its 200-day average (blue), indicating that a breakout of indeterminate duration is currently underway.
The main reason for today’s rally is an article published yesterday on the Financial Times website, NFT which discusses the growing popularity of the altcoin.
Dogecoin’s chart shows that the altcoin is enjoying a breakout rally right now, with its relative strength index (purple) rising to 70 as a result of rising momentum. At the same time, its 30-day moving average (red) has overtaken its 200-day average (blue), again indicating that a breakout of indeterminate duration is currently underway.
The main reason for today’s rally is an article published yesterday on the Financial Times website that discusses the potential of the altcoin.
Although there are some reservations, it’s probably safe to say that Elon Musk will ensure that Twitter has cryptocurrency payments of some kind in the future. Even better, there’s a very good chance that DOGE would rise massively if Twitter integrates it. This possibility has DOGE supporters targeting $1 as the altcoin’s medium-to-long-term price.
Cryptocurrency payments may be years away, but that doesn’t stop DOGE holders from hoping that their favorite altcoins will be accepted by Twitter. In the event that this happens, DOGE would likely see a significant price increase.
but if Elon Musk gets his way, Twitter will have them. DOGE supporters continue to target $1 as the altcoin’s medium-to-long-term price, in anticipation of a Twitter integration that would likely cause the coin’s value to skyrocket.
the Facebook platform is becoming increasingly irrelevant, Dogecoin may have already reached its peak.
On the other hand, some experts are predicting that Dogecoin will reach $0.19 by 2025. This would be a disappointing target for hardcore Dogecoin enthusiasts, but in a world where Twitter adoption cannot be taken for granted and the Facebook platform is becoming increasingly irrelevant, Dogecoin may have already reached its peak.
and the stock market is (seemingly) more volatile than ever, it may be time to give a little credence to the experts.
On the other hand, some observers outside of the Dogecoin community continue to propose more realistic targets. For instance, a panel of experts predicted in December that DOGE would end the year at $0.08 (it actually closed at about $0.07), and then rise to $0.19 by 2025.
Needless to say, such conservative targets are likely to be disappointing to hardcore DOGE enthusiasts. But in a world where Twitter adoption cannot be taken for granted, realistic targets may be more important than ever.
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