Category: Blockchain Crypto
Posted by Zoran Krdzic Posted: Apr 26, 2024
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On April 19, there has been a rise in Dogecoin’s value, going from $0.139 to a peak of $0.16, regaining some of its previous losses. This boost of about 15% can be credited to the optimistic outlook towards “Dogecoin’s Day.”
Although there has been an increase in performance, the coin has experienced a bearish trend in the past 24 hours, resulting in a decrease of 1.2%. It appears that the bears are still dominating the market and the bulls will have to put in more effort to bring about a bullish trend.
Despite the pessimistic forecast, leading crypto experts are anticipating a surge to $2 for Dogecoin. The pressing question remains – is it truly feasible for DOGE to reach such heights? Let’s delve deeper and uncover the answer.
Can Dogecoin Reach New Heights? Analysts Believe So.
The current performance of meme coin Dogecoin has created uncertainty in the market. Despite this, experts such as Javon Marks, Mikybull Crypto, and Trader Tardigrade have made positive forecasts, highlighting the potential of the coin.
According to Javon Marks, a user of X, the recent dip in value was referred to as a “beneficial retreat,” taking into account the impressive progress of Dogecoin since the start of the year.
$DOGE (Dogecoin)'s price, since breaking out of the displayed resisting trend, made a roughly +234% upside move before what a recent possible healthy pullback!
With prices still holding broken out, pullbacks may only assist prices in a >315% uphill run to the $0.6553 target… https://t.co/weh2zpmX5e pic.twitter.com/0AfE8BeiZr
— JAVON⚡️MARKS (@JavonTM1) April 18, 2024
He added that Dogecoin’s value has risen by around 234% following its breakout from the resistance trend, although it has since experienced a “healthy pullback.”
It is noteworthy that Javon Marks is not the sole analyst with a positive outlook on the future of Dogecoin. Mikybull Crypto, a renowned analyst in the crypto industry, tweeted a similar bullish prediction, stating that the “real bull run is about to start.”
Surprisingly, Mikybull had already predicted the potential for DOGE’s value to rise before its 15% increase on April 19. This bullish statement was made beforehand.
The real bull run is about to start🔥 pic.twitter.com/uPa17Dt4Un
— Mikybull 🐂Crypto (@MikybullCrypto) April 7, 2024
Moreover, the perspective put forth by Trader Tardigrade was quite intriguing as it proposed a “Cycle of 7 years” for Dogecoin. This theory implies the potential for a significant increase in price.
As per the analyst’s analysis, DOGE is currently being traded at approximately $0.22, but there is a possibility for it to reach higher prices of $2, $9, and $40 in the future. The analyst cautioned investors to not overlook the chance to acquire additional DOGE coins, as past patterns are likely to resurface.
$Doge is running in the "Cycle of 7 years"🔥
We can see a similar price action in the first half of the current cycle, compared to that of last cycle.
When we were at $0.0007 in 2017, we never believed $Doge would spike to $0.003, $0.009 & $0.35
T~O~D~A~Y~:
We are at $0.22, we… pic.twitter.com/G2tcCNhX2y— Trader Tardigrade (@TATrader_Alan) April 1, 2024
Upon examining the performance of Dogecoin, Mayne, a renowned figure in the cryptocurrency community with a following of 500,000, envisioned two potential scenarios for Dogecoin. The first being a potential drop below $0.18, resulting in a major setback for the currency, while the second being the possibility of bullish investors stepping in and allowing the “celebration” to persist.
DOGE coin has dropped below $0.18, which aligns with the analyst’s prediction. However, it is facing difficulties in recovering and is being traded at $0.159.
Despite this, the forecasts from these analysts suggest a favorable change in attitude, potentially leading to a notable effect on the value and investor outlook for Dogecoin.
Sending Mixed Signals?
Currently, Dogecoin is currently making an upward movement. However, there is a lack of consensus among the technical indicators. It can be observed that Dogecoin is currently trading below its 50-day SMA, indicating a possible short-term bearish outlook.
However, in the larger scheme of things, Dogecoin remains positioned above its 200-day Simple Moving Average (SMA), which could serve as a form of support and suggest a bullish outlook for the future.
In addition, the fading of the MACD red bars implies that there is a decrease in bearish momentum, potentially creating an opportunity for buyers to dominate. If this scenario unfolds, it could indicate a fresh phase in the journey of Dogecoin.
For investors, the key takeaway is this: the current market sentiment is somewhat uncertain. As a precaution, it may be wise for investors to hold off on making any decisions until a clearer trend emerges.
As per analysts’ evaluations, Dogecoin (DOGE) is expected to experience a significant increase, but it is worth monitoring the progress of a new project known as Slothana. This upcoming venture is preparing to enter the top exchanges and create a buzz in the world of cryptocurrency.
