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TL;DR
Dogecoin surged 10% day by day, with hypothesis linking the rally to Elon Musk, whereas analysts predict potential additional positive aspects.
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 prime performers as we speak (October 16), recording a ten% worth spike. It presently trades simply south of $0.13, whereas its market capitalization surpassed $18.6 billion.
DOGE Value, Supply: CoinGecko
DOGE’s newest rally could possibly be attributed to the general revival of the business, the place Bitcoin (BTC) exceeded $67,500. Alternatively, different well-known meme cash have struggled to maintain tempo, witnessing extra modest worth will increase.
As such, some business contributors steered that Dogecoin’s resurgence might have some connection to Elon Musk. To the uninitiated ones, Tesla’s CEO and one of many wealthiest folks on the planet, is a large proponent of the meme coin, typically praising its deserves. X consumer Bluntz was a kind of supporting that concept:
$doge going psychological as we speak whereas all the opposite memes have been sliding.
somethings cooking and that i cant assist however really feel its one thing elon associated
pic.twitter.com/2yyNiWnfQA
— Bluntz (@Bluntz_Capital) October 16, 2024
A number of analysts claimed that DOGE has but to make the headlines by experiencing a worth explosion. X consumer Ali Martinez offered a chart displaying that the valuation might skyrocket to an all-time excessive of $10 within the following months.
It’s price 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 put up shared skepticism, describing the prediction as merely unimaginable:
$doge going psychological as we speak whereas all the opposite memes have been sliding.
somethings cooking and that i cant assist however really feel its one thing elon associated
pic.twitter.com/2yyNiWnfQA
— 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. Specifically, that is the Relative Energy Index (RSI), whose ratio surpassed 70.
The metric measures the pace and alter of worth actions, with readings beneath 30 suggesting that the asset is in oversold territory and could be headed for a rally.
Alternatively, something above 70 typically alerts that DOGE is overbought and could possibly be due for a pullback within the quick time period.
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