This week the world’s first currency Bitcoin managed to regain above $40,000. However, Bitcoin bulls couldn’t sustain as the currency is yet again back at $38,000 range over the past couple of days. This volatility is seen on altcoins market’s price charts as well.
Altcoins like Ethereum, Tether, XRP, Solana, Dogecoin among others have seen a sharp decline affected by Bitcoin’s volatility. But most of the analysts are bullish on altcoins like Dogecoin.
Dogecoin (DOGE) Price
A well-known crypto strategist and trader, Rekt Capital is expecting a strong bull rally for Dogecoin (DOGE) as this meme currency is flashing positive signs.
Pseudonymously known as Rekt Capital notifies his 298,800 Twitter followers that on April 25th, Dogecoin managed to reclaim an important level on a monthly time frame followed by a surge of nearly 40%.
“DOGE/USD. DOGE has broken back into its $0.14-$0.20 range. As long as it stays above the green range low, DOGE will have confirmed a return to a +44%-wide range.”
At the time of reporting, Dogecoin is trading at $0.1435 after a plunge of 10.49% over the last 24hrs. If DOGE Price manages to move upwards as per Rekt’s predictions, the meme king will see a surge of more than 30%.
On the other hand, IntoTheBlock, a leading blockchain analytics firm reveals that yesterday’s rally by Dogecoin is the result of massive volume from the derivative markets
“DOGE is reacting to the possible acquisition of Twitter by Elon Musk. The volume in perpetual swaps has increased by 6x in 24hours, reaching a three-week high of $3.13 billion.”
This data from IntoTheBlock comes after recent developments of Elon Musk’s proposal to acquire the leading social media Twitter.
Meanwhile, with the spread of Elon Musk & Twitter news, investors have popped in to acquire the first mem currency, another crypto analyst Rager is of the opinion that Dogecoin should rally by 4x to move towards its all-time high.
“It’s okay. DOGE just needs another 350% from here and most retail investors will be at break-even from entry.”
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Source: https://coinpedia.org/altcoin/dogecoin-doge-price-is-set-hit-ath/