Dogecoin’s December Surge: The Santa Rally Everyone is to Talking About
Dogecoin (DOGE) which use to be considered as just a meme in the crypto space is receiving real consideration as it sets up for a possible Santa Rally in December 2024. The analysts’ recommendations on DOGE are optimistic with the price of DOGE set to rise massively on the back of this and many factors cutting across global markets and technical analysis. However, deep down the question remains: what lies behind this positive outlook for Dogecoin? Now that we have looked at some foundational theories on why DOGE price is soaring, let us take a deep understanding of some of the factors that may cause a spike in DOGE ‘s price especially around this holiday season.
THE EFFECTS OF SANTA RALLY ON DOGECOIN
Traditionally, December has been a good month for a number of cryptos – any bullish movements often come as part of a survey called the “Santa Rally.” This is a time that a positive stance and higher levels of turnover result in gains especially in the last few weeks of the year. As reported by FX Leaders, this is something that Dogecoin is likely to leverage on since most analysts are predicting a sharp increase in demand which will lead to a sharp rise in the price of the token.
Santa Rally is not a mere market event that is witnessed during the festive season; it is times when new money enters into the market due to bullish expectations and tax planning. As seen earlier, with the recent surge of cryptocurrencies into the mainstream market, Dogecoin I am sure will be able to ride on the back of these seasonal rallies.
The Rise of Dogecoin’s ETP: A new feature that means a great deal for DOGE’s popularity
Perhaps the most important event in the development of Dogecoin in the past few months is the creation of an Exchange Traded Product. According to TechBullion, this is a step up in the level of institutional adoption of Dogecoin. The introduction of the DOGE ETP has led to a great interest of the global investment, where traditional investors are entering the cryptocurrency market.
What about getting to $1 sometime in 2024?
As virtually all followers of the cryptocurrency know, one question of much debate among Dogecoin investors is whether the asset could reach the $1 threshold by the end of 2024. In the sentiment shared by Brave New Coin, the above price is expected in light of a timeline considered audacious due the fast expansion of Bitcoins coupled to the revived interest in other ‘altcoins’ such as Doconuts. They do make a point though, if Bitcoins goes up to $150,000+, there is always the chance for a market sentiment increase which will definitely increase the overall demand for alts like Dogecoins.
Nevertheless, it is crucial to understand that even $1 is not guaranteed, all the same, it is still a mere hypothesis. This, however, would mean that DOGE needs to continue this performance during the remaining month of December and early 2025, relying on Bitcoin price pumps and institutional adoption.
Technical Indicators: The Bullish Outlook for DOGE
Moreover, when analyzing trends, TechBullion considers DOGE trends that believe the price for this currency is to rise rapidly, supported by the bullish formations that Dogecoin has been carving. These patterns are supported by the levels of support as well as market interest, indicating that the market is hosted by a bullish sentiment that will take to the following months.
The chart of Dogecoin reflects its upward movement, and to this technical outlook with Market sentiment, many analysts have expected it to make good gains. Towards the end of the year 2024, investors will be waiting to see whether DOGE will be able to move past levels of resistance to achieve the much-desired $1.