Is Dogecoin Price Already In A Bull Run?

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Dogecoin has experienced a significant surge in the past few days, with its token price escalating by over 12% in a seven-day period. At the time of writing, DOGE is valued at $0.1587. The trading volume has also witnessed a 38% increase, reaching $1,653,651,967. However, the token underwent a slight decline in the last 24 hours, with a 5% value drop. Consequently, the market capitalization has decreased to $22,846,572,855, also experiencing a 5% reduction.

Amidst these fluctuations, many experts anticipate the possibility of a Dogecoin bull run due to the recent price surges and increased activity from whales.

Whale Activity and Price Impact

According to whale alert data, whales have transferred more than 767 million DOGE coins from the Robinhood exchange in four separate transactions. These transfers occurred within the last 24 hours, with the DOGE being moved to three different wallet addresses. This activity is believed to have contributed to today's decline in Dogecoin's value.

Elon Musk's Influence

Elon Musk has once again hinted at the possibility of Tesla accepting Dogecoin as a payment method. In March, Musk discussed this possibility during an event at the Tesla factory in Germany. This discussion was prompted by a question from the audience asking, "When can you buy a Tesla with Dogecoin?"

Musk responded, "You know, at some point, I think we should enable that."

This statement has now become a reality, as Tesla has announced that it will accept Dogecoin for merchandise purchases. The company has also clarified that, at present, only Dogecoin is accepted.

Dogecoin's Bull Run Prospects

Behdark, a renowned crypto analyst, has announced that Dogecoin has entered a bull rally. According to his analysis, the meme coin has gained support above $0.1, which will provide a buffer if the price experiences a decline. Furthermore, he analyzed data from the past 900 days and concluded that Dogecoin has been in a correction zone for an extended period and is now poised for a bull run.

Behdark asserts that Dogecoin's bull run has been ongoing since October 2023, albeit with some setbacks. However, the community has not widely endorsed Behdark's prediction. Investors believe that the meme coin requires additional time and upward momentum to sustain a bull run.

Conclusion

As Dogecoin approaches the cusp of a bull rally, Tesla's announcement has stimulated its price and demand. Elon Musk has once again demonstrated his unwavering support for propelling Dogecoin to new heights.

Dogecoin is poised to reach a weekly high, which could occur if it surpasses the resistance level of $0.162. If it breaks through this resistance, it is likely to surge to $0.1944.

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