There is a possibility of a potential increase in the value of Dogecoin on the occasion of Kabosu's birthday, the Japanese Shiba Inu that served as the inspiration for the creation of the meme-based cryptocurrency .
The commemoration of the dog's birthday is expected to enhance the overall feeling among the DOGE holder community.
Based on technical indications, it is probable that the meme coin is positioned for a price surge of around 50%.
Kabosu, the Shiba Inu canine that served as the inspiration behind the "doge" meme and the subsequent development of the meme-based cryptocurrency Dogecoin (DOGE), commemorates its 18th anniversary on Thursday, marking the inception of the inaugural International Doge Day. The enhancement of positive emotion towards the meme currency, together with the analysis of technical indicators, indicates the potential for a substantial short to medium-term gain in the price of DOGE, estimated to be as high as 50%.The cryptocurrency known as DOGE is showing indications of a potential 50% increase in value, as market mood increases on the occasion of the first Doge Day.
The asset's price is often influenced by news and positive events within the ecosystem, serving as a catalyst. The price patterns of meme coins, such as DOGE, are significantly impacted by the emotion of its holders. DOGE day is an event that has the potential to provide a positive perspective for the asset.
According to the on-chain intelligence tracker Santiment, an analysis of data reveals a shift in the weighted sentiment among DOGE holders from a more negative value of -0.8 to a less negative value of -0.25 during the period spanning from October 29 to November 1.
The figure shown indicates a favorable correlation between the price of DOGE and the weighted sentiment expressed by the token's holders. In general, it is seen that when the weighted mood shifts from negative to positive, there is a corresponding increase in price. This observed tendency has been consistently seen during the course of the month of October.
The price of $DOGE has the potential to see a significant increase of 50%.
The price of #DogeCoin had a significant breakthrough of a downward trend that had persisted for several months, so indicating the possibility of a reversal in the prevailing trend. Following three unsuccessful endeavors, the Relative Strength Index (RSI) has successfully surpassed the 50 mean threshold, so bolstering the optimistic perspective.
In the event that the current positive trend persists, investors may anticipate a potential reevaluation of Dogecoin's price, namely encountering significant resistance levels at $0.1065 and $0.1597. The aforementioned figures represent the local peak of Dogecoin's value between November 2022 and May 2023. In order to progress towards its predetermined objectives, the DOGE price must surpass the threshold of $0.0814. The level at which the asset experiences a significant increase in value is sometimes referred to as the breakout level.
If the price of DOGE does not see a significant increase, it is probable that the optimistic argument will no longer hold true. The asset is anticipated to further continue its decline, with the level of $0.0495 serving as a probable support for the meme coin's bearish breakout.
