Dogecoin Price Prediction as DOGE Bounces 4.5% in a Day – What’s Causing the Pump?
DOGE has gained by 4% in the past 24 hours, with the Dogecoin price racing to $0.1504 after the return of GameStop trader ‘Roaring Kitty’ to X sent meme coins flying yesterday.
pic.twitter.com/xRkL0H5cOS
— Roaring Kitty (@TheRoaringKitty) May 14, 2024
Dogecoin is now up by 8.5% in a fortnight but down by 4.5% in a month, with the alt sitting on a 108% increase in the past year.
The online return of Roaring Kitty – whose real name is Keith Gill – not only pushed GameStop’s stock up by close to 75% in a day, but has boosted various meme tokens, including DOGE, PEPE, WIF and Roaring Kitty (ROAR).
And the gains of such coins comes on a day when the crypto market as a whole is down by 1%, suggesting that meme tokens may outperform averages in the near term.
DOGE’s chart is in a very promising position at the moment, with its indicators having perked up in the past day but still having room to intensify before we enter an overbought position.
Most significantly, the coin’s 30-day average (orange) has just climbed over the 200-day (blue), forming a golden cross that often portends strong gains.
This has happened in the context of a rising relative strength index (purple), which touched 80 yesterday and remains in a promising position between 50 and 60.
Given that the previous few days had seen a sustained loss, it’s likely that the Dogecoin price will continue to consolidate its recent gains in the near term.
It’s also encouraging that DOGE’s 24-hour volume has shot up to $2 billion today, from $600 million barely 24 hours ago.
This indicates some very strong interest, with DOGE outperforming most alts today, save for a handful of other meme tokens.
As noted above, this is largely because ‘Roaring Kitty’ has posted online for the first
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