Dogecoin (DOGE) Price Increases 15% Daily, But Is A Correction Coming?

TL; DR

Dogecoin price rises to five-month high, likely fueled by Elon Musk's social media engagement and “Government Efficiency Unit (DOGE)” initiative.
Despite the bearish sentiment, the asset's RSI at 78 suggests it may be overbought, raising the possibility of a short-term correction.

DOGE bull run

of The biggest Meme Coin continues its impressive performance in terms of market capitalization. Its price is up more than 15% in the last 24 hours, currently trading at $0.1646 (per CoinGecko data). Several hours ago, DOGE reached $0.17, the highest mark seen since the end of May this year.

The parade can. It must be said. To Elon Musk's interaction with X. On October 28, the CEO of Tesla Posted one Interesting A picture of him flexing during a public speech. The lower part of the photo shows the same pose of the Shiba Inu breed (similar to the DOGE logo). all of them In the muscles.

So does Musk He continues to talk If Donald Trump wins the US presidential election, about establishing a DOGE. The division will have a purpose as if A fair tax for Americans and will do Led by Tesla boss.

Crypto X He is being beaten. With analysts believing that Dogecoin's recent resurgence is just a warm-up before a massive price increase. One example is Mikubul Crypto.

$DOGE God is near now.

The current lineup is hot for a big move. pic.twitter.com/Fnz06XIiu6

— MikybullCrypto (@MikybullCrypto) October 29, 2024

X user Ali Martinez was also aggressive. Earlier this week he It is intended A move higher to $0.175 if MemCoin crosses the $0.143 resistance zone. As mentioned above, DOGE is currently trading much higher than the observed signal.

Can it be returned?

Although optimistic. of Crypto SpaceSome indicators suggest that Dogecoin may face a painful correction in the short term.

One example is the Relative Strength Index (RSI), which measures the speed and volatility of price movements. It ranges from 0 to 100, with readings above 70 indicating that the asset has entered overbought territory and may calm down to go back.

Currently, RSI is it. the host In 78.