The crypto market is quite excited after a notable growth in Bitcoin prices following the 2024 U.S. presidential election.
And this bullish momentum isn’t just lifting Bitcoin, it’s also giving a boost to many alts and memecoins, with Dogecoin stealing the spotlight as one of the top performers.
DOGE met Mr. Gainzy
Since the beginning of the year, Bitcoin has seen a solid price increase of over 119%, but Dogecoin has absolutely skyrocketed with 355% jump!
This growth isn’t just thanks to Bitcoin’s bull run, it’s also fueled by a friendlier regulatory environment for cryptocurrencies, with hopes for a more crypto-friendly cabinet in the upcoming administration.
And with some tweets from the big dogs, about a new state authority, with the name of Department Of Government Efficiency. Less subtle hint, ngl.
What the numbers say
A technical indicator called the price momentum oscillator, or PMO is suggesting that Dogecoin’s rally might just be getting started.
The PMO tracks how quickly an asset’s price is changing, and while it’s currently at relatively low levels, this could indicate that DOGE has plenty of room to grow, much like it did in previous explosive rallies.
Analyst Trader Tardigrade shared insights on X, pointing out that even though the PMO is still low on a weekly basis, its past performance during rallies hints at potential continued growth.
“#Dogecoin weekly Price Momentum Oscillator is telling you the Bull Run of $Doge has just started.”
In DOGE we trust?
While technical indicators like the PMO aren’t foolproof, they can offer valuable insights into price movements.
Given the current market conditions and DOGE’s apparent upward trend, many analysts are feeling optimistic about its future, and if we enter an alt season, Dogecoin could attract a significant influx of investment, pushing its price even higher and extending this rally.
