An Analyst from Yellow Trades speculates that, based on the current dynamics, Dogecoin (DOGE) could pump 350% in the long term. 

According to the analyst, Dogecoin continues to demonstrate resilience, maintaining a steady price above 15 cents. This stability comes as the broader market undergoes a phase of consolidation. He points out that Elon Musk made headlines on April 20, 2021, by gifting his mother DOGE, marking a significant day for the community, which he believes will push up the meme coin. This comes as speculations of Elon endorsing DOGE again recently made headlines. He also states another driving factor, Coinbase’s plans to introduce new features for Dogecoin, but cites potential regulatory challenges from the SEC might cause delays.

The analyst also observed an upside trend in Dogecoin’s chart and discussed the impact of large-scale, or ‘whale,’ transactions on the ecosystem. While unpredictable, these transactions have not deterred the analysts’ optimism for a potential 350% surge in Dogecoin’s price, contingent on Bitcoin maintaining stability. Crypto Daily Trade Signals analysts also predict a dogecoin pump will come soon.

However, he states that challenges remain as the U.S. grapples with crypto taxation and regulatory issues, which could influence individual investors and cryptocurrency exchanges. The analyst notes ongoing legal troubles facing other crypto projects and companies yet highlights DOGE’s robust performance amidst these tribulations.

Dogecoin Price Analysis: How Is Dogecoin Doing Today?

Looking at an in-depth analysis, we see that the Dogecoin price action is currently within the Ichimoku cloud, suggesting a state of equilibrium between buyers and sellers, with no strong trend in either direction. If the DOGE price moves above the cloud, it could signal a bullish trend, and a move below could indicate a bearish trend.

4-hour DOGE/USD Chart | Source: TradingView

Looking at indicators, the Awesome Oscillator (AO) is above the zero line and is green, indicating some bullish momentum. However, the decreasing size of the green bars suggests that this momentum might be slowing down. On the other hand, the Money Flow Index (MFI) is at 67.10, which is close to the overbought threshold of 70. This indicates that the buying pressure is intense, but there might be a potential for a price pullback if it crosses into the overbought region. Dogecoin was trading at $0.153596 as of 2:00 p.m. UTC, representing a 3.5% increase over the last 24 hours as per stats from IntoTheBlock.

Disclaimer

This article is provided for information only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.