u.today
The general bearish sentiments on the crypto horizon have eased mildly since trading commenced in September. Notably, in the altcoin segment of the market, Dogecoin (DOGE) looks poised to get on a bullish trajectory if some of its ecosystem trends are sustained.
Elon Musk’s influence and market speculations
According to data, DOGE has recorded a 2.42% increase in the past 24 hours to set the price at $0.09796. Market watchers believe the altcoin might be on a retracing path from its long bearish position, which it slipped into during the last week of August.
There is an air of optimism that DOGE might just erase one zero off its price to register a climb to its next critical support level. For this to happen, the altcoin has to maintain a steady price growth trajectory and not bow to bearish pressure again.
Although this might appear difficult in the volatile cryptocurrency space, it remains achievable.
Primarily, given the positive sentiment triggered by Elon Musk, Tesla CEO, on X recently, some have seen DOGE as a possible alternative on the entrepreneur’s radar. Following the interaction on X, some community members feel Musk will soon take a definite position on the altcoin and integrate Dogecoin it into his ventures like Tesla, X and Starlink.
Potential Ripple effects from Bitcoin
It remains a waiting game for investors and stakeholders alike in the Dogecoin community to see how far Dogecoin can sustain its price growth.
As reported earlier by U.Today, September has been a difficult month for Bitcoin on several occasions. Thus, if the world’s largest crypto asset suffers bearish sentiment, it might create a ripple effect on some notable altcoins like Dogecoin.
Despite this gloomy shadow on Bitcoin, analysts believe this year might prove different. If these bullish projections work, DOGE might sustain its price growth trajectory and make a full recovery.