With Christmas Day approaching, investors are closely monitoring specific cryptocurrencies to gauge their performance during the season, even as the general market continues to trade in the green zone.
Meme cryptocurrency Dogecoin (DOGE) is among the tokens to watch, as its performance during the Christmas season will hint at how DOGE ends the year and potentially what to expect in 2024.
To anticipate Dogecoin’s performance on Christmas Day, Finbold consulted PricePredictions, a tool leveraging artificial intelligence (AI) advanced machine learning algorithms.
Dogecoin 30-day price forecast. Source: PricePredictions
This price prediction is based on key technical analysis (TA) indicators such as Bollinger Bands (BB), relative strength index (RSI), moving average convergence divergence (MACD), and others.
Can Dogecoin sustain bullish momentum?
While Dogecoin has exhibited a sluggish growth trajectory for most of the year, the meme coin recently embarked on a rally in line with the overall market. Amid the gains, the lingering question is whether Dogecoin can sustain the momentum in search of a new all-time high.
It is worth noting that Dogecoin has reached its highest level of $0.10 for the first time since April. While the rally is significantly influenced by prevailing bullish sentiment, DOGE’s association with Tesla (NASDAQ: TSLA) CEO Elon Musk could play a key role in its price trajectory.
Dogecoin’s price movements are frequently influenced by news related to Musk. His outspoken support for the meme coin and hints that Dogecoin could potentially be involved in future financial services on the X (formerly Twitter) have contributed to the coin’s sensitivity to Musk-related developments.
Attention on DOGE and Musk has shifted to a potential connection with Tesla’s latest addition, the Cybertruck. Given Musk’s track record, the Tesla Cybertruck page contains multiple references to Dogecoin in its code, fueling speculation about using DOGE as a payment option for the futuristic truck. Indeed, such an addition will be bullish for the meme coin as it searches for the $1 valuation.
BREAKING: $DOGE in the source code of cybertruck check out page.I verified myself.@elonmusk verify yourself please.? pic.twitter.com/0Vori0BLHK
— MartyParty (@martypartymusic) October 9, 2023It’s essential to highlight that, despite the code references, neither the company nor Musk has officially mentioned Dogecoin as a payment option for the Cybertruck, adding an element of uncertainty to the speculation.
DOGE price analysis
As of press time, Dogecoin was trading at $0.103, recording daily gains of almost 5%. On the weekly chart, DOGE is up over 20%.
DOGE seven-day price chart. Source: Finbold
Reviewing Dogecoin’s technical analysis indicates that bullish sentiments dominate the meme coin. A summary of gauges aligns with the ‘strong buy’ sentiment at 16. Moving averages also signal a ‘strong buy’ at 14, while oscillators are neutral at 8.
DOGE technical analysis. Source: TradingView
Considering everything, the prevailing atmosphere in the cryptocurrency industry does appear to lean toward a bullish sentiment concerning the future price of DOGE in the near term.
Disclaimer:The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
