Dogecoin's DOGE/USD Price Bump
Excited traders think it could be the start of more bullish price action to come.
What Happened
Altcoin Sherpa, a pseudonymous trader, mentioned that while Dogecoin looks fine, "it is more like 'buy and hold'..."
$DOGE still looks fine but don't really think this a great one to scalp; more just buy and hold...
— Altcoin Sherpa (@AltcoinSherpa) August 20, 2024
Crypto trader Kaleo mentioned the upcoming few months for Dogecoin could be boredom, but he suggests "stack and hold." He predicts a decline in volatility with potential price action between $0.085 and $0.11.
Javon Marks sees Dogecoin's RSI moving closer to a breakout point and anticipates a major "bull move" that could result in a 513% spike, potentially reaching the "$0.6533 target."
Also Read: Dogecoin’s Active Users On The Rise, Will This Impact DOGE Price?
IntoTheBlock data shows an increase of transactions and large trades for Dogecoin. Despite a decrease in daily active addresses, 73% of holders are currently in profit with exchanges netflows down by 178%. Benzinga technical analysis indicates that the RSI is at a neutral 57.8 and suggests a strong long-term outlook for Dogecoin.
The spike in Dogecoin's price coincides with Elon Musk sharing an AI-generated image of himself on Shutterstock, leading to further interest in the meme coin.