Dogecoin is emerging as a favored option amid a new wave of liquidity that supports optimistic price expectations for Dogecoin, as the meme coin managed to outperform Ripple in terms of performance over the past week. Its trading volume increased 12% in 24 hours, surpassing $4 billion, and both alternative currencies are subject to similar conditions, with many issuers awaiting final decisions on spot ETFs on the exchange. October 17.
Both currencies are on the list of assets eligible for listing under the general criteria set by the Securities and Exchange Commission (SEC), putting them on a fast track to approval once S-1 applications are submitted and accepted, but markets anticipate an interest rate cut of another 50 basis points before the end of the year as macroeconomic conditions continue to push capital into risky assets such as meme currencies.
Dogecoin price forecast analysis: the beginning of the path to the price of 1$
The demand stimuli we mentioned above are accumulating to push Dogecoin to complete the cup and handle pattern that began to form earlier this year, and the currency’s price is currently approaching the cup resistance line, which is the main threshold for an upward breakout, while momentum indicators are showing strong signs of optimism.
For its part, the Relative Strength Index (RSI) has placed solid ground above the neutrality line, indicating that buyers are in control of the current price movement. The MACD indicator also continues to move away from the signal line, reinforcing optimism that the upward movement will continue. The upward breakout can be confirmed by the transformation of the cup resistance level into a new support, after which a retest of the all-time price highs at $0.49 will be targeted, and the price may rise by 150% to $0.65.
Furthermore, the price of Dogecoin could further increase in light of the maturity of the bull market, the continued reduction in interest rates, and the growing demand from the traditional financial sector (TradFi) via exchange-traded funds (ETFs), in addition to the spread of institutional crypto treasures and…Potential inclusion of cryptocurrencies in 401(k) retirement plansAndThe price can reach $1 A potential target representing an increase of 285%.
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The post Dogecoin-DOGE Price Expectations After Its Superiority Over Ripple-XRP and High Trading Volume: Strong Return for Meme Coins appeared first on Cryptonews Arabic.
