Dogecoin Price Prediction as Elon Musk’s ‘Doge-1’ Moon Mission Launch Approaches – Will DOGE Reach $1?
The Dogecoin price has dipped by 1% today, with its fall to $0.081625 coming as the cryptocurrency market as a whole has slipped by 0.5% in 24 hours.
Despite its drop, DOGE has posted a 7% gain in a week, helped along by the news that the ‘Doge-1’ satellite mission has received regulatory approval from the National Telecommunications and Information Administration.
Funded entirely in dogecoin, the Doge-1 satellite will launch on a SpaceX Falcon 9 rocket and will broadcast ads back to Earth, with its development helping to boost interest in Dogecoin.
And given that DOGE is now up by 16%, Doge-1’s progress could help the meme token rise even further in the coming months.
In contrast to some altcoins, DOGE’s indicators remain in a good position, suggesting that the meme token could make more gains quite soon.
Its RSI (purple) has risen to 60 today, signalling rising buying pressure and momentum.
At the same time, DOGE’s 30-day average (yellow) is still rising further above its 200-day (blue), again signalling that the coin remains in a bullish phase and is capable of rising further before losing momentum.
What’s particularly encouraging is that DOGE’s support level has risen consistently over the past month or so, something which indicates that the token isn’t likely to suffer any major dips on its way to future rallies.
It’s also positive that DOGE’s 24-hour trading volume remains relatively high at $800 million, which contrasts very favorably with the $150 million levels it saw in September and early October.
Such levels would suggest that whales remain interested in the token, with recent transfers showing that some large traders are still accumulating DOGE, sending it off exchanges.
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