🚀🚀Will Dogecoin reach $1? Factors that could increase the price are taking shape 🚀🚀
Dogecoin (DOGE), which gained more than 20% last week, experienced a 5% pullback in the last 24 hours. Technical analyzes show that DOGE may test its all-time high, but it is also stated that the risk of correction continues. Dogecoin (DOGE), a popular name in the meme coin world, attracted the attention of investors with the strong rise it achieved last week. DOGE, which recorded an increase of more than 20% on a weekly basis, entered a period of stagnation with a 5% decrease in the last 24 hours. Currently trading at $ 0.4373, DOGE ranks seventh in terms of market value.
Famous analyst MilkyBull Crypto shared an analysis that DOGE could approach its all-time peak. This statement caused a great resonance in the community, and the possibility of DOGE reaching a high level such as $ 5 began to be discussed. Although the analyst stated that this level was unlikely, he emphasized that surprises can always occur in the cryptocurrency market.
The 15% decrease in DOGE's trading volume was evaluated as a positive signal for the market along with the price drop. A decrease in volume usually indicates that a recovery may occur after price declines. However, the negative trend in investor sentiment reveals a general cautiousness in the market.
Technical analysis shows that DOGE's price is moving in an uptrend channel and is currently testing the upper resistance level of this channel. Moving averages indicate that the bulls are strong in the market. If DOGE breaks this resistance, it may be possible to reach a new all-time high. However, price corrections that are usually seen when the overbought region is reached should also be taken into consideration.