Approximately 5 years after Bitcoin emerged, a significant event happened in the cryptocurrency world: the emergence of the first meme coin, Dogecoin (DOGE). Afterward, DOGE adapted to market movements for a long time and saw an incredible rise, especially after receiving support from Elon Musk. Today, analysts are considering the potential for further growth of DOGE.
Analysts’ Comments on DOGE
While it remains a question whether DOGE will reach $1 again, it seems it first needs to reclaim the $0.10 region it lost. One of the market’s well-known analysts, World of Charts, noted that DOGE is moving within a channel and could reach $0.1060 if it breaks the upper resistance line.
Current DOGE Price
As of the time of writing, DOGE is trading below $0.10 at $0.09715. DOGE’s market cap has fallen to $14 billion, positioning it 8th in market cap rankings. Despite the decline in SHIB, its closest meme coin rival, DOGE is still $7 billion ahead. DOGE’s 24-hour trading volume is reflected in the charts as $446 million after a 24% drop.
Conclusion
Whether the support from Elon Musk or other famous figures can push DOGE's price back to $1 will remain a question.
In conclusion, despite the current fluctuations, analysts continue to believe in Dogecoin’s potential. The expectations align with the possibility of the coin's rise, but the market’s response to supportive signals will be crucial.
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