Since November of last year, the value of Dogecoin (DOGE) has been consolidating in a wedge formation, indicating that the market is neutral. While the 50 and 200 moving averages (MA) on the daily time frame show a continuing bull market, the possibility of pullback that acts like a stop hunt cannot be completely ruled out. Furthermore, DOGE is one of the most liquid currencies, with over $1.92 million liquidated in the last 24 hours.
DOGE Achievable Outcomes
Dogecoin value, trading at around $0.085 on Thursday, will likely go through two scenarios in the coming weeks. The primary one continues Elon Musk’s bullish thesis, which began after he purchased Twitter.
In such a scenario, the Dogecoin price may rise above $0.155 and set a new nine-month high. However, the rally will not be sustainable because the buildup base was insufficient to supply assistance. However, the Dogecoin price may fall and retest the $0.057 support level.
Market Forecast for Dogecoin
Elon Musk’s assistance closely incentivizes the Dogecoin community. Over time, the value of Dogecoin has skyrocketed in response to Musk’s positive tweets. With Musk preparing to launch an all-encompassing app with technical assistance from Twitter, the Dogecoin community anticipates the billionaire will include the meme lord as a fee.
Furthermore, Musk has been pressuring various mainstream companies, such as McDonald’s, to accept Dogecoin as payment.
According to on-chain data, the Dogecoin community has over 5 million holders, and the second-largest proof-of-work (PoS) digital property has a real mining issue of approximately 11,684,696. Nonetheless, competition from meme cash such as Shiba Inu and Floki (FLOKI) has significantly reduced Dogecoin’s market share.