At least three market catalysts, according to crypto analysts, suggest that chest coin project Dogecoin (DOGE) could climb at least 50% by the end of the 3rd quarter of 2022.
Dogecoin price analysis
According to analysts, Dogecoin has been plotting a ‘falling wedge’ pattern on its longer timeline charts since May 2021, with the potential for the uptrend to reverse in the coming months. pointing out. Analysts say that applying the classical theory to Dogecoin shows that if the breakout occurs near the $0.14 level, or about 190% above today’s price, it will rise to $0.40. Worst of all, a falling wedge break could push DOGE’s price increase by just over 50% to $0.21, given that the breakout point is near its peak around $0.75.
Elon Musk’s acquisition of Twitter
As we reported on Kriptokoin.com , earlier this week, Twitter announced that it has accepted Tesla CEO Elon Musk’s $44 billion buyout offer. The chest coin price reacted positively to the possibility of Elon Musk to integrate DOGE as one of the official payment tools for Twitter’s subscription services.
Noelle Acheson, market insights lead at Genesis Global Trading, eye Elon Musk needs to confirm on Twitter if it will add a Dogecoin payment option Given this, he notes that DOGE took cues of the price increase from “too much speculation”.
Chest coin investors are excited
Musk’s Twitter acquisition announcement on April 25 and its positive impact on Dogecoin prices, which increased by about 20% on the same day, followed by individual and corporate coincided with an increase in interest.
For example, internet queries for the keyword ‘buy Dogecoin’ increased by 392% on April 25, according to Google Trends. In this midst, the volume of on-chain DOGE processes worth more than $100,000 reached $2.59 billion per day. “This is the highest volume since March 24 and represents 94% of total volume,” data analytics platform IntoTheBlock said.