Dogecoin's DOGE/USD 5% price bump has excited traders, who think it could be the start of more bullish price action to come.
What Happened: Pseudonymous trader Altcoin Sherpa noted on Tuesday that Dogecoin looks fine but not great. It is more like "buy and hold" and not a great buy for many active investors, he stated.
Crypto trader Kaleo said the upcoming few months for Dogecoin could be boredom, but the strategy should be "stack and hold." He predicts, "crab price action between $0.085 and $0.11 with declining volatility until the market heats up again."
Javon Marks sees Dogecoin's RSI moving closer to a breakout point and diverging (Hidden Bull) with a major "bull move" on the way. He predicts there could be a 513% spike to reach the "$0.6533 target and it may be at high speeds."
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Also Read: Dogecoin’s Active Users On The Rise, Will This Impact DOGE Price?
Why It Matters: IntoTheBlock data shows a 25.3% increase in large transactions, while transactions greater than $100,000 spiked from 175 transactions to 211 transactions as of August 19. While daily active addresses dropped by 3.8%, currently 73% of holders are in profit. Exchanges netflows are down by 178%.
Benzinga technical analysis shows the RSI at a neutral 57.8. The 200-day simple moving average (SMA) crossed the 50-day SMA and 100-day SMA from below at a price target of $0.14б, implying the longer-term outlook for the meme coin remains strong.
Dogecoin's spike comes as Elon Musk shared an AI-generated image of him with a mic stand with the words D.O.G.E, standing for Department of Government Efficiency.
What’s Next: The influence of Bitcoin as an institutional asset class is expected to be thoroughly explored at Benzinga’s upcoming Future of Digital Assets event on Nov. 19.
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