As the cryptocurrency's recovery continues, the price of dogecoin, a meme-based token with the Shiba Inu as its mascot, has surged. Free banqun;wei;CSS688677
As of this writing, Dogecoin soared 16.76% on Friday (March 29) to $0.216, hitting its highest level since November 2021. The cryptocurrency token has gained 37% in the past week and is up 185% year to date. It is expected to reach $0.50 as soon as April.
Aside from Tesla CEO Elon Musk hinting that customers might one day be able to buy cars with Dogecoin, there has been no substantive news related to Dogecoin recently.
Dogecoin’s gains are in line with the overall upward trend of cryptocurrencies, driven by strong demand for recently launched spot Bitcoin ETFs and a rally ahead of next month’s Bitcoin halving event.
The rise shows that investor interest and analyst attention appear to be growing, as evidenced by Dogecoin's current price of $0.216. The recent price recovery marks a notable departure from its long period of stagnation, indicating a potential shift to a sustained upward trajectory. Anticipation for the upcoming halving event appears to have fueled the momentum, contributing to DOGE's resurgence. Trading dynamics around Dogecoin also rose sharply, with trading volume soaring 95.93% to $6.397 million.
Data shows that Dogecoin has seen a significant surge in trading volume, surging from $1.22 billion to $9.2 billion in just two days. In the last month, the price of Dogecoin has surged 124.1%, breaking through several resistance levels and opening the way for further potential gains. The breakthrough has made Dogecoin a top performer in the market, with its value rising 43.9% in the past week alone.
The prospect of DOGE stabilizing above the key resistance level of $0.239 could pave the way for a rise to $0.31 or even the long-awaited milestone of $1. However, the realization of this optimistic scenario depends on the DOGE
Can Dogecoin sustain its current momentum while breaking above a critical resistance level.
Dogecoin Price Prediction
There are a plethora of assets in the digital asset market that have performed impressively so far this year. Chief among them is Bitcoin, which reached an all-time high of $73,000 in March on the back of spot ETF interest and excitement. Since then, many different cryptocurrencies have outperformed many expectations.
Among them is the original meme coin, DOGE, which was one of the surprises that emerged this weekend. Now, it is expected that the price of Dogecoin could rise to $0.50 as soon as April after a 16.76% increase today. And by March next year, with the arrival of the big bull run, the price of Dogecoin is likely to break through $0.9 or even $1! This development continues the views of some experts who predicted that Bitcoin would reach a new all-time high even before the Bitcoin halving event.
The asset has seen plenty of bullish signals that encourage its continued ascent to current levels. Moreover, these do not seem to be slowing down. In the past two days alone, Dogecoin’s trading volume has risen to $9.19 billion. Moreover, its active addresses have clearly surpassed the 6 million mark.
Furthermore, the bullish momentum should continue as Coinbase announced that it will list Dogecoin futures starting April 1. This should lead to more positive sentiment, which will be exacerbated by the ever-present Elon Musk effect.
These talks have sent its value soaring as Doge hinted at a possible X-consolidation for the asset. The combination of the upward trajectory and external developments it is facing could provide the necessary developments for Dogecoin to surge over the next month.
