The price of DOGE has been staying fairly stable between roughly $0.20 and $0.21 for some time now. This mark is significant psychologically, as the coin briefly touched this value two weeks prior. Since November 2021, DOGE last traded above this threshold.
In simple terms, DOGE‘s metrics paint a conflicting picture. Its price has risen by 20% over the past month. However, its market capitalization now stands at just $29 billion, which is a significant decrease. Additionally, trading volumes have dropped to $2.2 billion in the last 24 hours, representing a decline of 9%.
Dogecoin is ‘Following the Plan’
Analysts are optimistic that Dogecoin‘s next price surge will begin before long, even with recent market consolidation.
Famous cryptocurrency trader Rekt Capital proposes that the leading meme coin is undergoing a reassessment at the $0.20 mark in its monthly chart.
An analyst noted a bearish signal on the monthly stock chart, indicating a possible revisit of the bull pennant formation on the weekly timeframe.
Before this, the analyst had issued a caution about price instability around the $0.20 threshold. If the price managed to surpass this significant barrier, it could pave the way for potential gains exceeding $0.30. Similarly, Mikybull Crypto and other market experts express optimistic forecasts.
$DOGE
The real bull run is about to start
— Mikybull Crypto (@MikybullCrypto) April 7, 2024
The analysis by Rekt Capital is not alone in calling for a bullish outlook on DOGE. With this cryptocurrency, known as the originator of meme coins, stabilizing, traders anticipate prices exceeding $1 based on past trends.
According to a report by CryptoPotato, certain market experts predict that the value of Dogecoin (DOGE) could surge again, potentially reaching heights beyond $2, $9, and even $40.
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2024-04-09 09:32