DOGE price surges 10% to $0.30, boosted by strong technicals, Elon Musk’s support, and growing global retail investor optimism.
Dogecoin (DOGE) has made a strong comeback in the crypto market. In the last 24 hours, its price jumped nearly 10%, crossing the $0.30 mark. This increase has attracted the attention of traders and analysts. According to well-known market expert Ali Martinez, DOGE may be about to make even larger gains. He believes the overall market is still in a “Buy Zone.”
On Friday, Martinez shared his thoughts on X, what used to be called Twitter. He posted a chart that showed Dogecoin has returned to an important technical zone. This zone has resulted in major rallies in the price in the past. For example, similar arrangements in 2017, 2021 and 2023-2024 led to huge surges. Martinez pointed out that DOGE still bounces off a long-term support trend. Each bounce has been followed by parabolic rallies.
In addition, Martinez’s analysis is consistent with an increasing optimism in the market. Earlier this week, Elon Musk gave positive mentions to Dogecoin on X. His comments helped increase the visibility of the coin and may have played a role in the recent rally. Musk has been a long-time supporter of DOGE and his influence on its price is well-documented.
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Moreover, there is current market data to support the bullish trend. CoinMarketCap observed a 10 % rise in the DOGE price in 24 hours. It crept up to $0.30, with good trading volume. Analysts say that the ascending wedge pattern on the chart is reminiscent of the pattern that preceded DOGE’s massive rally in 2021. That year, Dogecoin gained more than 12,000% when Musk appeared on Saturday Night Live.
Other worldwide events may also be aiding altcoins such as Dogecoin. For example, Ethiopia recently made $55 million by selling its excess hydropower to Bitcoin miners. This move is increasing the global crypto infrastructure. With increasing access to crypto services, there could also be an increasing demand for altcoins such as DOGE.
In addition, many expect the move will attract new retail investors to the market. Dogecoin has long been popular among traders in Japan, and the tax cut could help to increase adoption even further.
Meanwhile, recent activity in the markets suggests that volatility remains high. Blockchain firm Arkham Intelligence said a hacker associated with the Coinbase hack purchased $18.9 million in Ether on September 13. Such events illustrate the speed at which the crypto world operates. Some traders think this type of volatility could drive more people to meme coins such as DOGE, which tend to have a strong reaction to news and market sentiment.
Finally, Martinez chart shows that the historical support level of Dogecoin is around $0.12. This level has withstood major corrections and is the same as the current “buy zone.” Coinbase’s analysis, published on September 12, supports this view. It suggests that the price floor will remain stable and allow investors to feel more confident in buying.
In summary, Dogecoin’s recent price surge and technical indicators indicate that it could be poised for another breakthrough. With market hopes on the rise and increasing crypto activity across the globe, DOGE could be poised to surprise weaker traders yet again.
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