Increase in the price of Dogecoin since the last hours


In recent weeks, many cryptocurrencies have been in the green and this is particularly the case for Dogecoin which is experiencing a significant increase in its price since yesterday, mainly following a comment once again from Elon Musk.

Indeed, DOGE is currently trading at around $0.07, experiencing a significant increase in more than 4% in the space of 24 hours. This new momentum for this same coin, after a declining period of almost two months, raises the question: is this the prelude to a new bullish wave for the cryptocurrency?

Dogecoin Market History Indicates Positive Outlook in November


Dogecoin is firmly maintaining its uptrend that began at the start of the week. This popular cryptocurrency, known for its origin as a meme, has seen a slight rise in price, currently trading at $0.074, which represents an increase of 4.39% over the last 24 hours.

Over the week, since the beginning of November, DOGE has experienced a growth of 8.84%. This positive dynamic could mark the start of a new all-time high for the cryptocurrency.

Historically, the month of November has often been synonymous with gains for Dogecoin, as highlighted by data from CoinMarketCap. For example, in November 2014, the value of DOGE increased by 2.58%.

However, in 2015 and 2016 DOGE recorded declines that same month, but in 2017 during an explosive bullrun Dogecoin also experienced a considerable increase in more than 81%.

The cycles of ups and downs continued in the following years, with Novembers alternating between losses and substantial gains, notably with a increase of 38.7% in November 2020.

However, the following two Novembers were bearish. Despite these past trends, the current performance of Dogecoin sparks growing optimism among investors and market observers, perhaps anticipating a promising monthly close.

Dogecoin price builds a bullish foundation


Despite the almost constant decline in the price of Dogecoin in 2023, the cryptocurrency has still retained its position as the leading meme coin in terms of notoriety. In addition, given its history during the month of November, its prospects for progression seem promising.

According to Crypto Tony, a renowned analyst in the cryptocurrency space, DOGE is building a “bullish foundation”. He noted that Dogecoin not only stabilized its price above its 50-day exponential moving average (EMA) in the daily framework, but also broke out of a long-standing downtrend, which could indicate an upcoming ascent for his course.

The analyst goes so far as to suggest that, in the short term, the value of DOGE could aim for the $0.090 mark. This prediction is supported by other analysts who see an even brighter future for Dogecoin in the long term.

Ali Martinez, for example, raised the possibility that during the next bull market Dogecoin could even reach the symbolic threshold of 1 dollar. This would then represent a new all-time high for crypto.

Is Dogecoin still influenced by Elon Musk?


If Dogecoin is on the rise, it is firstly because it has a community of diehards who believe in its potential, but also influential figures like Elon Musk and Mark Cuban.

Even though the latter have been more discreet regarding the number 1 meme coin recently, it is undeniable that they still contribute to the phenomenon of this crypto.

This is how Elon Musk is once again mainly responsible for this rise in Dogecoin since during a speech, he made a point of specifying:

Its companies will never create their own cryptocurrency, whether now or in the more or less near future.

As a result, nothing more was needed to stir up Dogecoin defenders. After all, Musk’s companies already mostly use Dogecoin as a means of payment. It is easy to imagine that if Elon Musk does not want to create a cryptocurrency for his companies, he could push more for the adoption of DOGE for them.

As a bonus, Elon Musk is not not indifferent to the crypto market, he has repeatedly mentioned his support for Dogecoin, but also the industry. Some rumors even suggest that Musk is the creator of Dogecoin. Therefore, no more is needed to make all investors speculate of DOGE which are already potentially seeing the crypto grow further soon.

The platform for all traders with yPredict


yPredict is a new presale launched a few weeks ago and which has already managed to collect more than 4.6 million dollars, thus showing the community’s enthusiasm for such a project.

It must be said that on paper all this looks very promising. Indeed, yPredict aims to offer AI models developed by experts in order to predict the next movements on the market with the aim of allowing everyone to make a profit.

In the same way, it will be possible for all enthusiasts to set up their own models and even to “Share” them for YPRED tokens. A method like any other to obtain some rewards.

For now, the pre-sale is nearing the end and the listing on the exchange platforms is imminent. The YPRED token being $0.11, its listing price will be at $0.12, but it is very likely that the latter will quickly reach $0.2 before heading towards $0.5 as the project has potential.

Sources: CoinMarketCap / yPredict

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This article does not constitute investment advice in any way. The information provided here should not be used as a basis for making financial decisions. Cryptocurrency investments involve risks and may result in significant losses. You should only invest what you can afford to lose and carry out your own research before making any investment decisions.





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