TL;DR
- Dogecoin (DOGE) has rebounded slightly by 4% after a significant 23% drop last week.
One analyst suggested the correction could have been “healthy” and potentially lead to a substantial price increase.
Was DOGE’s Latest Correction ‘Healthy?’
The biggest meme coin in terms of total market capitalization – Dogecoin (DOGE) – was severely affected by the recent market decline, with its price nosediving by over 23% in a week. However, the situation does not look so adverse today (April 19) since the asset reclaimed some lost ground, being up approximately 4% on a daily scale.
One well-known analyst, Javon Marks, discussed DOGE‘s volatility recently. He referred to the price dip as a “normal correction,” highlighting DOGE’s strong growth throughout the year.
JAVON MARKS made an additional statement, indicating that a price drop could potentially lead to a 315% increase and reach the $0.65 mark.
Other analysts, such as Mikybull Crypto and Trader Tardigrade, have recently expressed optimism about DOGE‘s future. Mikybull Crypto believes that “the major upward trend is imminent,” while Trader Tardigrade posits that Dogecoin follows a “seven-year cycle,” implying the possibility of a significant price surge towards $40.
Waiting for These Factors
DOGE might indeed be on the verge of a substantial rally, considering the fact that the Bitcoin halving is just hours away. The event, following which miners will receive twice less BTC for validating blocks on the blockchain, reduces the amount of new coins entering the market, potentially making the asset more valuable in time (should demand rise or remain the same).
In the past, every halving event (approximately every 4 years) has led to significant growth for Bitcoin and the broader cryptocurrency market. Consequently, Dogecoin might experience similar gains.
Another event that may positively impact the valuation of the meme coin is the so-called DOGE Day on April 20. The crypto community jokingly picked that date to celebrate Dogecoin, but the reasons remain unclear. Some theories lead to Elon Musk, whose favorite day is April 20. Those who have been following the crypto industry for long enough are aware that Tesla’s CEO is among the most vocal proponents of the meme coin.
In the past two years, DOGE’s price witnessed some spikes on that day.
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2024-04-19 16:10