From Dollar to Dogecoin! Investors Push DOGE Bear Trends to Climax

Investors envision a bright future for Dogecoin, helping to end its bearish conditions for growth

The crypto market is undergoing a massive transformation right now, and it is mostly driven by Elon Musk and the unfortunate FTX drama. However, amid these tensions, Dogecoin has somehow managed to gain the title of the best-performing cryptocurrency for this month! As soon as the news about Elon Musk closing the Twitter deal broke out, it increased not only Twitter's market value but also some of the cryptocurrencies that are associated with Elon Musk, like Shiba Inu and Dogecoin! According to reports, the Dogecoin price has risen by almost 150% since the news and has also pushed forward the value of Shiba Inu. This massive growth projected that DOGE has the potential to still do better and might even reach US$1 soon! In the present-day scenario, speculations about Dogecoin's potential have proved accurate as investors flock to seek refuge in DOGE as the US Dollar continues to weaken. Investors are pushing to end the DOGE bear trends amid growing economic and financial tensions in the mainstream markets.

Even after facing minor setbacks, Dogecoin has been doing pretty well in the market because of the Elon factor. Besides this, if Twitter makes a move by introducing crypto into the platform for official payments, it will definitely increase DOGE's chances of reaching the US$1 criteria sooner. Currently, the crypto has become a savior for investors. Its price action has jumped massively in the last few weeks and might eventually end what is known as the longest crypto winter in the history of the industry. This price trend will be followed by the stabilized trading of EURUSD. Thus, Dogecoin holders are witnessing massive momentum, thanks to the ongoing animosity in the mainstream markets.

Dogecoin to Reach $1 Sooner than Expected!

The US inflation numbers are coming much lower, which is why investors are moving towards investing in stronger foreign currencies against the dollar as market leaders claim that Fed will start to ease and possibly even stop these rate hikes. Given the current predicaments of Dogecoin, investors envision a huge potential for a possible price rally to $1 and further upward in the emerging months. According to coinmarketcap, the Dogecoin price is revolving around the US$0.0856 range, at the time of writing this article. If the DOGE price is able to successfully break the US$0.945 range, it can jump to the US$0.10 range and eventually reach $1 in the future. Apparently, Dogecoin is already set for a 60% price rally in November. 

DOGE Volatility However Persists

 Risks to the downside are still prevalent. The fall of FTX, one of the largest crypto exchanges in the world, has become a major cause of concern for crypto leaders and investors. If Dogecoin fails to cross its resistance, it is very likely that the crypto will add more zeros to its value. There is still cynicism around DOGE's bear trend climax. Some experts believe the crypto will reach US$1 before the year 2022 ends, however, critics say DOGE is an extremely volatile cryptocurrency that might plummet as soon as Elon takes a wrong step or a wrong move against the crypto industry. Currently, investors have to base their investments entirely on speculations and predictions, hence, they should closely observe the market sentiments and invest according to their individual capacities of bearing losses.