Why Is Dogecoin’s Price Rising Right Now?

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Dogecoin
Dogecoin

The price of Dogecoin tickers below $0.07 has increased by almost 5% over the past day, following general market trends. While the overall crypto capitalization has increased by 4.5%, the DOGE price is still over five percent from yesterday’s fall despite being below 2.4% on August 30. Following a significant setback in the SEC’s campaign to crack down on the cryptocurrency industry, Dogecoin’s price began to rise. An administrative court found on August 29 that GI, a cryptocurrency investing platform, was unlawfully blocked from transmuting its Bitcoin tickers below $27,128 trust into an ETF by the SEC. The victory of Grayscale gave rise to optimism that a Bitcoin ETF may materialize in the United States.

Dogecoin Continues To Move In Lockstep Paired With Bitcoin

Because Dogecoin and Bitcoin continue to move in lockstep with an association of 0.96, the price of BTC increased by about 8% on decision day, boosting other cryptocurrencies with it. Elon Musk’s entry into the payment services market for X (Twitter) and Dogecoin’s rise over the last 24 hours are both related events.

On August 28, the authorities in Rhode Island awarded X a license as a currency dispatcher, allowing the social media juggernaut to provide financial assistance, including cryptocurrency. On August 29, the news began to go viral. Technically speaking, since August 17, Dogecoin has exchanged within what looks to be the pattern of a bear flag. As a consequence, the price of DOGE continues to trade in a constrained range, which might lead to a complete malfunction in the upcoming weeks.

Typically, a bear flag is seen as a bearish pattern. It ends when the price falls to equal the length of the preceding decline, often known as the flagpole, and breaks below its lower trendline. The flag objective for USD/DOGE is thus $0.051 within September, which is a decrease of more than 20% from the present price levels. However, according to expert Crypto Rover, Dogecoin’s solid fundamentals may boost its price over time.