Earlier this week, the price of Dogecoin (DOGE) increased by 38%, making it its best performance this year. This has attracted the attention of analysts and traders who are examining the possible causes and consequences of this rise.
Strong Market Demand
According to CoinGecko, over the last 24 hours, DOGE recorded a trading volume of $4.7 billion, placing it fifth among major cryptocurrencies (excluding stablecoins). Data from CryptoQuant revealed that the 90-day cumulative volume delta for DOGE has been 'buyer dominant', indicating that there were significantly more buyers than sellers.
Technical Data Analysis
Recent technical analysis suggests further growth for DOGE. A bullish MACD crossover is noted, which traditionally predicts significant increases. Analyst Trader Tardigrade indicated that DOGE could replicate its previous exciting performance seen in 2024, where its price surged by 30,000%.
Price Forecasts for Dogecoin
According to several analysts' predictions, the immediate target for DOGE is $0.65, potentially offering over a 180% upside from current prices. It is also likely that DOGE's price may break the $1 mark if the positive market dynamics continue.
In summary, the 38% price increase of Dogecoin results from a combination of strong market demand, technical signals, and investor optimism. These factors may lead to significant growth for DOGE in the future.
