Key Takeaways
- Dogecoin’s (DOGE) price reclaims the key demand zone of $0.23, following the market crash from a high of $0.32.
- A bullish price action on a higher timeframe could see the price of the memecoin break its price range to the upside of $0.5.
- Crypto experts speculate that a $1 price for the memecoin is inevitable following bullish fundamentals.
Dogecoin, the largest memecoin, fell from its high of $0.3 towards a region of $0.22, experiencing an over 12% decline within a week following bullish price action that had seen its price trade at such a high.
Following its price crash to its key demand zone, the price faced a reclaim of its bullish rally to the upside or a crash toward lower price regions of $0.2. However, price has demonstrated strong price action in the last few days, reclaiming $0.23, and looks set for a continuous price rally to $0.48.
While speculation suggests that its ETF approval could help its price reach a potential high of $1 in the coming weeks, crypto experts offer a different perspective, noting that the next few weeks could see a bullish market rally from altcoins, including DOGE, based on previous market speculation.
Crypto Experts Predict 400% Dogecoin Rally
Crypto expert Ali Marinez quoted the price action of DOGE in the 2021 bull market, where the price rallied by over 400% in a single daily timeframe, suggesting that we can never write off the price of the memecoin at this point, as there is room for such a market rally.
He also pointed to fundamental factors favoring the price action of the memecoin in the current market. With its ETF approvals from other institutional platforms, we could see a strong price rally to the upside ahead of the yearly market close.
Additionally, TheScalpingPro, a crypto analyst on his X account, also hints that the price of Dogecoin hitting $1 is inevitable, with his price analysis suggesting a bullish price gain for the memecoin towards $1 in the coming months, as prices have struggled in past years to reach this point.
Price Analysis for DOGE
Source – DOGE Chart From CoinMarketCap
According to an analysis by Floratap, the price of the memecoin is in an uptrend price channel, as the price trades within a range. A strong momentum to the upside could see the price trade into its upper resistance line, as a breakout above this level could signal a bullish rally.
As buyers and whales step in to buy into the memecoin crypto asset, the price could have the potential to breakout from its range movement and set the tone for a rally towards a high of $1, based on market speculation.
FAQs
How much is DOGE right now?
The price of the memecoin currently trades above $0.234 at the point of writing.
How much is $500 worth of Dogecoin right now?
$500 worth of DOGE will be around 2134 at the current price of $0.23413.
Does Dogecoin have a future?
Speculation suggests the memecoin has a future with the potential to hit over $1 in the coming months.
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