Dogecoin Price Rises Tremendously In A Week, Can It Hit $0.16?

The Dogecoin (DOGE) trading price seems to be in the bullish territory at the moment. However, the meme coin has remained within these premises for a long time.

Ever since the news came out that Twitter has been acquired by Elon Musk, Dogecoin has remained in the bullish territory in general.

The price of Dogecoin has continued rising throughout the month of November and even now, it continues to experience a climb.

DOGE Price on Thursday

Due to the strong bullish movement of DOGE, the predictions that came for the meme coin on Thursday were also bullish. This means that the investors are confident that they will be able to push DOGE higher.

The analysts are also siding with the bullish sentiments and they are now supporting the bulls. Just recently, the trading price of DOGE had reached a multi-week high but it ended up reverting.

However, the dip from the multi-week high value was not something to be concerned about as it ended after a short period of time.

The slight pullback in the price of the meme coin was recorded as the new week began. Ever since the slight dip was recorded, the price of DOGE has continued surging.

The Bullish Attempt on Wednesday

On Wednesday, the bulls made a couple of attempts to push the trading price of DOGE over the $0.11 benchmark. However, each time they attempted that, the bears fought back with stronger force.

This resulted in the price of DOGE becoming stagnant at the $0.11 level for a while, proving both sides were strongly defending the position.

In addition to the positive contribution from the richest man in the world, the overall economic condition also helped the meme coin.

Due to the strong data coming in, in favor of the economy, with low inflation rates and interest rates, the value of the dollar went down. The condition of the US stock markets also recovered from the bearish zone.

With the dollar price moving downwards, it was obvious that the trading price of DOGE would move in the upward direction.

Lowering Interest Rates to Help DOGE

It is expected that the price of DOGE may continue surging in the upcoming months as well. This is because the Feds have already announced that they will start lowering the interest rates.

The Feds have confirmed that they will decide in the December meeting how much they will reduce the interest rates going forward. Whatever the outcome, the dollar will eventually lose its value.

This will continue helping the rest of cryptocurrencies alongside Dogecoin to experience an uptrend.

DOGE Price to Rise Higher

While the interest rate factor keeps pumping DOGE’s price, other technical factors are also supporting the meme coin. They suggest that the trading price of the meme coin will rise significantly in the upcoming days.

Even at the time of writing, the trading price of DOGE has moved into the bearish side. However, analysts strongly believe that the bulls have taken a small break from their constant rally.

As a result, the trading price of the meme coin has lost 2.0% in value and it is currently trading at a low of $0.1050.

With the technical factors supporting the bullish movement of DOGE, the bulls have the chance of forming another strong rally. This time, they will be able to push DOGE’s price over the $0.11 barrier.

Just as the price of DOGE went to a low of $0.07 in the month of October, it proved to be a wake-up call for the bulls. They started launching their strong attacks against the bears with strong support from Musk.

Now, the price of DOGE is hovering near the strong resistance level of $0.11. If the situation keeps falling in favor of the bulls, the trading price of DOGE may rise to a high of $0.16.