2023-11-4 14:19 |
Dogecoin, the world’s largest meme cryptocurrency by market capitalization, has managed to fly under the radar despite the recent surge in the broader cryptocurrency market.
While major cryptocurrencies have been making headlines, Dogecoin has quietly surged just over 9% in the past seven days, riding the wave of the overall market surge and briefly touching a high of 0.07466 last Thursday.
This surge is particularly noteworthy as Dogecoin had languished in a lull since June 2022, with the crypto consolidating sideways and finding a yearly low around the $0.06 mark. However, earlier last week, its price managed to break out of this slump, offering a glimmer of hope for DOGE enthusiasts.
Notably, the resurgence in Dogecoin’s value is linked to the broader market resurgence, which has been ignited by heightened market optimism surrounding the potential approval of a Bitcoin Exchange-Traded Fund (ETF) in recent weeks.
That said, following the recent surge, crypto experts have also pointed to technical indicators suggesting a potential breakout for Dogecoin. On Sunday, popular crypto analyst Ali Martinez highlighted positive candlestick patterns and a TD Sequential buy signal, indicating that Dogecoin might be poised for a significant move.
“Dogecoin shows promising signs, breaking out from a multi-year descending triangle on the DOGE weekly chart! The confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces DOGE bullish outlook.” Wrote Ali.
Moreover, an intriguing “Double Bottom” pattern has emerged when viewed in the four-hour timeframe, with some experts saying it could potentially propel Dogecoin up by 20%, dependent on favourable market conditions.
Nonetheless, challenges persist for Dogecoin as it encounters a significant resistance point at the $0.075 mark. To increase its recovery, the price must remain above the initial support level of $0.067. Should this condition be met, it opens the door for a potential additional 20% recovery, with a target price set at $0.085.
That said, the lingering question that hangs over Dogecoin is whether it can ever attain the much-anticipated milestone of $1. It shall be recalled that in May 2021, Dogecoin soared to an all-time high of $0.73 during the cryptocurrency market’s bullish phase. Yet, despite the passionate endorsement of Elon Musk, the coin later descended into a downturn, effectively adding an extra zero to its valuation.
Some experts have suggested that the prospects for Dogecoin reaching $1 by the end of the decade in 2030 appear slim. Notably, reaching this psychological threshold would require a substantial 1,200% increase from its current value.
According to one Dogecoin enthusiast, the maximum value Dogecoin could reach is $0.61, possibly in 2028, falling short of its previous all-time high. In a more pessimistic scenario, he noted that Dogecoin’s value could dip to $0.12 between 2029 and 2030.
At press time, DOGE was trading at $0.068 after a 1.15% drop over the past 24 hours.
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