Dogecoin Poised for potential rally Amidst Accumulation and Musk’s Influence
Dogecoin (DOGE) is showing signs of a potential price rally. After the recent flash crash, the coin is consolidating above the $0.18 support level. Traders are buying up each dip,indicating strong accumulation.
The October 10 crash saw the market lose around $19 billion, with DOGE briefly dropping to $0.15. Though, it quickly found support around $0.175–$0.18. The Volume Delta indicator confirms this trend, showing that buy orders are absorbing sell-side pressure.
Analyst Ali Martinez notes that about 10.5 billion DOGE were bought at $0.21. This level now acts as short-term resistance. For a bullish breakout, DOGE must reclaim and hold above $0.21.
Elon Musk’s recent X post featuring his Shiba Inu, Floki, as the “CEO of X,” has added to the hype. This could benefit DOGE, as musk’s past dog-themed posts have positively impacted the coin’s price. in 2023, such posts added over $500 million to DOGE’s market cap in just 15 minutes.
while the future remains uncertain, the current accumulation and Musk’s influence suggest a cautiously optimistic outlook for Dogecoin.
