DOGE Poised for Explosive Growth in Current Market Cycle – Will Dogecoin Hit $1?
The popular meme cryptocurrency, Dogecoin, is experiencing an extraordinary price surge.Yesterday, March 5, 2024, it soared to $0.2, a level not seen since November 2021. This month alone, Dogecoin has skyrocketed by an astonishing 118%, with a 78% increase in the past week.
Dogecoin is exchanged for $0.168 with over $8 billion in volume. Due to the bullish market sentiment, Dogecoin's market cap rose significantly, surpassing Cardano's, and claimed the 8th spot. But the momentum dropped a little, and DOGE now holds the number 9 position.
Despite this slight drop, many people are still bullish on the coin. Crypto analysts predict that this upward momentum in the longer timeframe is poised to continue, potentially driving Dogecoin's price to reach the $1 mark.
Let's delve into the detailed analysis of why analysts believe Dogecoin could hit $1 in this market cycle.
Altcoin Sherpa Predicts Dogecoin Surge to $1 - Time to Buy?A famous crypto analyst, Altcoin Sherpa, shared a post on X (formerly Twitter), stating that Dogecoin's recent surge is a sign of even better things in this market cycle.The analyst didn't specify a price target but suggested that Dogecoin reaching $1 wouldn't be too surprising.
$DOGE: Several notes on this one-
-Its going to go to crazy #s this cycle, I don't know what. $1 wouldn't honestly surprise me.-Chart itself looks good, consolidated for like 600 days.
-Given the overall mc, this one is NOT going to give you as big of gains as... pic.twitter.com/ifNdTGCr9L
- Altcoin Sherpa (@AltcoinSherpa) February 29, 2024
Further, the analyst added that Dogecoin's chart looks promising even as the coin has been consolidating for about 600 days. If Dogecoin reached $1, it would be entering new territory because the cryptocurrency has yet to exceed $0.8.
Such a surge would represent a 495% increase from its current price level and surpass its all-time high of $0.74. According to the analyst, while he doesn't expect Dogecoin to perform as well as other meme-coins like WIF, PEPE, and BONK, its deep liquidity provides a more stable investment opportunity.
He also noted that Dogecoin and SHIB will likely take turns leading gains among meme coins. This positive sentiment from a respected analyst could further boost Dogecoin's price and attract more investors to the meme cryptocurrency.
This week, millions of Dogecoin have been transferred from different exchanges.
Such movements usually imply that investors want to start holding again.
Almost $40 Worth of DOGE Moved This Week - Time to Hold?Whale trackers have detected two massive transactions involving nearly 200 million Dogecoin (almost $40 million). One transaction carried 67,496,921 DOGE worth $11,924,617, while the other moved 129,428,389 DOGE valued at $22,726,809 at the time of the transactions.
129,428,389 #DOGE (22,726,809 USD) transferred from #Robinhood to unknown wallethttps://t.co/somMBMxigr
- Whale Alert (@whale_alert) March 4, 2024
This surge in whale activity signals an increased interest in DOGE among large investors. Meanwhile, this is not the first significant transaction concerning Dogecoin recently.
- Whale Alert (@whale_alert) March 4, 2024
This week, whales transferred more than 1.5 billion Dogecoin, with the majority sent to Coinbase, Robinhood (450,000,000 DOGE), and Binance (600,000,000 DOGE).Such massive whale transactions often influence market sentiment and price movements.
Prices could increase as whales accumulate large amounts of Dogecoin, attracting more investors to jump on the bus. Conversely, if whales start selling their holdings, it could trigger a price decline, potentially causing panic among retail investors.
But, since the price is not dropping but growing, it shows that these buyers are not selling their tokens. Check out the daily chart below togain deeper insights into Dogecoin's next move.
Dogecoin Price Analysis - Bulls in Control as Indicators Signal Continuation of Uptrend
Dogecoin has been on an upward trajectory for the past few days, exhibiting a bullish trend. Higher highs and higher lows characterize this trend.The bulls are firmly in control of the market, and their momentum appears more robust than any bearish attempts made so far.
Looking at the chart, several technical indicators signal a bullish sentiment.Firstly, the price is hovering around the Bollinger Bands indicator. This suggests the current price is trading near the upper band, displaying bullish momentum.
The Moving Average Convergence Divergence (MACD) indicator is above the signal line, and green histogram bars are visible. This signals a bullish trend, and the green bars suggest the upward momentum is gaining strength.
Furthermore, the price trades above the 50-day and 200-day Simple Moving Average (SMA) lines. This is generally considered a bullish signal.
The Money Flow Index (MFI) indicator supports this bullish outlook, which is above 60, suggesting that the buying pressure is intense and the upward trend is likely to continue.
While these technical indicators paint a bullish picture, note that the cryptocurrency market is highly volatile. Therefore, investors should exercise caution and conduct thorough research before moving. Meanwhile, a new player in the industry is poised to perform even more than Dogecoin.
This coin has broken crucial price levels and has recorded a weekly gain of more than 35%.
Dogecoin Alternative - Sponge V2, the Best Coin to Buy Now in the Market
The entire crypto community is buzzing about the Sponge token due to its performance lately. The project's expansion plan also helps in attracting more investors. Sponge is returning to the crypto market with added features like a staking model, a Play-to-Earn, and wild marketing plans.
This new crypto coin aims to outperform the first with these added features. Right now, investors can stake their tokens to earn a reward rate of 592%. The staked coin will be locked for a certain period to help with price stability. More than 8 billion Sponge V2 tokens have already been staked.
This program gives investors another chance to make significant returns, especially if they miss out. Not just that, Sponge V2's new game, Play-To-Earn Racer, will make the community more active.
According to its website, the project has set aside 8% of its token supply for rewards in the Play-to-Earn game.
Notably, this game will have a free version for those without the token. But for those who want to earn through the game, you must have $SPONGEV2. This strategy will likely create demand for the token.
The Sponge V2 team is making the project even better than the first version, adding more utilities.
This will attract more investors. If the team continues to build more features, Sponge V2 might be the next 100x token in the crypto market. With that in mind, visit the official page to be part of the project.
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