DOGE Price Prediction As ‘Doge-1’ Mission Launch Approaches
There was a 1% decline in the price of Dogecoin in the last 24 hours, which saw the meme token drop to $0.081625, while the broader crypto market also recorded declines of 0.5% in the same period.
Despite the decline for the day, the largest meme token in the market has recorded gains of 7% in the last 7 days, due to the news that the ‘Doge-1’ satellite mission has gotten regulatory approval.
The National Telecommunications and Information Administration has approved Doge-1, which is funded completely in Dogecoin.
The said mission will broadcast ads back to Earth after launching on a SpaceX Falcon 9 rocket and its development is expected to increase interest in the meme token.
Considering that DOGE has now risen by 16%, it is likely that the mission could give the meme token a solid boost in the coming months.
The indicators
As compared to some other altcoins, the indicators of the leading meme token appear to be in a good position, which suggests that it could record some more gains soon enough.
The Relative Strength Index (RSI) of Dogecoin rose to 60 in the last 24 hours, which indicates rising momentum and increasing buying pressure.
At the same time, there is still a continuous increase in the 30-day average of the meme token above its 200-day average.
This again is a signal that the original meme token is in a bullish phase and could rise further before it loses momentum.
Positive signs
The most encouraging factor of all is the rise in the support level of Dogecoin over the past month or more consistently.
This shows that it is unlikely for the meme token to suffer from any major declines as it makes its way towards further rallies.
Another positive sign is the fact that the 24-hour trading volume of DOGE has reached as high as $800 million, which is highly favorable as compared to levels in September and early October of $150 million.
These levels would indicate that whales continue to show interest in the popular meme token, as recent transfers have shown that large traders are still accumulating the token.
It is evident from the fact that they have sent DOGE holdings off crypto exchanges, rather than onto crypto exchanges, which is usually considered a sign of selling.
The price prediction
All of this creates a positive context for the news about Elon Musk’s ‘Doge-1’ satellite, which has received approval from NITA, moving it closer to launch.
It now needs to obtain approval from the Federal Communications Commission after which it will have the legal permission to launch.
This launch could give extra publicity to DOGE, which will drive more investors toward the meme token and put it in the spotlight.
Therefore, the price of Dogecoin is likely going to rise, as will the broader crypto market, as a strong rally is expected by the year’s end with Bitcoin ETF approvals expected in January.
If that happens, then the price of the meme token is expected to climb to the $0.1 mark in the next couple of weeks.
