Dogecoin price has surged to a new all-time high. DOGE has gained by almost 60% in the past 24 hours and by 155% in the past seven days. Its total market cap has surged to more than $87 billion and is now the fourth-biggest digital currency in the world.
Why is Dogecoin surging? Last week, as Doge was consolidating, I predicted that the currency would soon surge ahead of the upcoming Saturday Night Live (SNL) appearance by Elon Musk. Market watchers expect that he will make some comments about the currency.
This is a notable thing considering that Elon Musk is a respected entrepreneur who people consider cool. He is also the world’s second-richest person and has launched companies that have moved to dominate their industries like SpaceX, Tesla, and PayPal.
Dogecoin price prediction
Last week and on Monday this week, I predicted that the Dogecoin price would soon surge ahead of the SNL appearance. I also updated my Twitter followers that I had decided to buy some Dogecoin.
Turning to the four-hour chart, we see that DOGE price managed to move above the important resistance at $0.4623 yesterday. It is now trading at an all-time high of $0.6810 and is above the 25-day and 50-day exponential moving averages (EMA). There is also momentum as volume keeps rising.
Further, the currency has moved above $0.6810, which can be viewed as the top of the cup and handle pattern.
Therefore, I believe that the DOGE price will soon rally and test the resistance at $1, which is about 47% above the current level. However, I see it dropping next week as the distribution phase kicks-in. The bullish thesis will be invalidated if the price moves below $0.6810.
Please don’t consider this investment advice. Views expressed here are those of the writer and the writer and InvestingCube will not be held liable for any losses.