Dogecoin, the well-known digital currency inspired by Internet memes, has shown robustness in the financial sector recently, gaining approximately 2.5% in value during the last 24 hours and touching a new trading mark at $0.1607.
Some analysts like Altcoin Sherpa and Ali Martinez have expressed positive views about Doge’s future, implying that it could continue to increase in value and potentially surpass other tokens.
A Strong Future For Dogecoin In 2024?
In recent times, DOGE‘s price trend has mirrored that of Bitcoin, going up and down together in response to the cryptocurrency market’s leading influence.
On March 28, 2023, Dogecoin (DOGE) hit its peak price of $0.2292 for the year, making it the ninth largest cryptocurrency with approximately 100% increase in value since the start of the year. Despite its volatile nature, DOGE has proven its resilience and drawn interest from investors.
Market analyst Altcoin Sherpa has shared his positive outlook on DOGE‘s potential development, predicting that the coin may gain significant momentum by 2024.
The cryptocurrency expert, Altcoin Sherpa, advised investing an average amount between 12 and 14 cents in Dogecoin (DOGE), expressing confidence in its ability to surpass other digital tokens’ performance.
The analyst pointed out that DOGE underwent a lengthy period of price stability, approximately two years long, and indicated that this could lead to a substantial price increase down the line.
DOGE is looking good. I strongly feel like this is going to be a strong coin for 2024. I think averaging between $.12 and $.14 would be a solid play and this one should outperform many other tokens for a lot of reasons. It chopped for almost 2 years, it’s going to moon later.
700% Price Uptrend Toward $1
In contrast, crypto expert Ali Martinez has also expressed a positive outlook on DOGE. He points out the coin’s consistent pricing trends.
Martinez noted that DOGE has formed a triangular pattern in its recent price movements, which it broke out of. According to past patterns, this analyst is optimistic about DOGE’s future and predicts it could climb towards $1 within the next few weeks. This would equate to an astounding 700% increase from present prices, surpassing the digital currency’s previous record high of $0.7316, attained in May 2021.
Though Martinez remains hopeful, Dogecoin encounters various obstacles preventing its bounce-back following a 21% drop in value over the last fortnight.
In the DAILY chart shown above, the meme coin faces a major hurdle at $0.1633. For the previous ten days, this price point has prevented any advancement and served as a cap for its growth.
As DOGE advances towards reaching $0.200, it is expected to face challenges at the prices of $0.1739, $0.1938, and $0.1998. Overcoming these levels will be crucial for DOGE to have a chance at revisiting its record high.
The price trend of Bitcoin is expected to significantly impact Dogecoin in the upcoming weeks. However, it’s still unclear which direction Dogecoin will take by the end of 2024. This depends on several factors, including the possibility of a bullish surge and broader market conditions.
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2024-04-23 05:10