Dogecoin has once more rebounded at support around $0.31 up to now 24 hours. This rebound comes after a 10-day decline that saw it erase most of its gains in the primary half of the month. Nonetheless, the bulls have been in a position to defend the $0.31 support level once more to stop further price declines. 

With the successful rebound now looking prefer it is finished, the subsequent query is whether or not it could actually sustain this positive momentum and break above the $0.4 mark, leaving the $0.3 range behind for good. In accordance with an analyst on the TradingView platform, the mix of Elon Musk’s influence, technical indicators, and trends within the broader crypto ecosystem means Dogecoin will shoot above this level soon. 

Dogecoin Price Pump Above $0.4 Is Imminent

Dogecoin is yet to sustain a robust decisive move above $0.4 this market cycle and has spent probably the most time ranging between $0.3 and $0.4. In accordance with insights by crypto analyst MadWhale, this might change soon with recent market dynamics surrounding Dogecoin’s role within the crypto industry. 

Primary, Dogecoin has gained significant prominence alongside billionaire Elon Musk. Musk’s vocal support has increased Dogecoin’s position from just probably the most outstanding meme coin amongst hundreds, making it a staple in his business ventures. His upcoming blockchain-powered payment platform, XMoney, is ready to integrate the meme coin across his firms, including Tesla and SpaceX. This initiative could increase the demand for DOGE and further solidify its relevance in Musk’s ecosystem outside the crypto industry.

As well as, Musk’s reference to Donald Trump and their shared engagement with cryptocurrency has drawn renewed attention to the sector before and after the US elections. This collaboration has increased interest amongst cryptocurrencies, with Dogecoin being considered one of the first beneficiaries of this surge in interest.

Technical Indicators And Market Momentum Indicate Pump Above $0.4

From a technical standpoint, analysts have predicted various bullish price targets for Dogecoin using technical indicators and market cycles. This sentiment was also echoed within the evaluation of DOGE’s pump above $0.4. A decisive break above the upper trendline of its current channel would solidify the bullish outlooks, even when it were to retest the trendline.

Lastly, Dogecoin is tied to broader trends in technology and the crypto space and is in a main position to profit from the booming artificial intelligence industry. This rise of artificial intelligence is predicted to influence cryptocurrency trading and market dynamics moving forward. Given Musk’s lively role in each artificial intelligence and crypto, Doge may benefit from AI advancements and see Dogecoin turn into integrated into the mix of the 2 industries. This, in turn, might be the last push needed to sustain a move above $0.4 and reach a recent price all-time high above $0.7316.

On the time of writing, DOGE is trading at $0.33 and is up by 6% up to now 24 hours.

Featured image from Adobe Stock, chart from Tradingview.com