Dogecoin is currently a hot topic in the cryptocurrency world, particularly with the newly founded Department of Government Efficiency, abbreviated as DOGE, leading its charge. The recent surge in Bitcoin prices, climbing to an impressive $90K, has further fueled Dogecoin’s momentum, positioning it for another significant price rally.
Cryptocurrency expert Ali has highlighted Dogecoin’s historical price surges, noting that the token soared by 9,720% in 2017 before stabilizing. In 2021, Dogecoin experienced a staggering 30,700% increase. Ali explained that these surges were the result of multiple retests and dips that helped the token reach such impressive heights.
Source: Ali Martinez
“In 2017, #Dogecoin surged 9,470%, with two major corrections along the way—one at 40% and another at 84%. In 2021, $DOGE rocketed 30,700%, again seeing two key pullbacks of 46% and 53%,” said Martinez.
Dogecoin’s Impressive 240% Monthly Gain
Despite some fluctuations, Dogecoin continues its upward trend, currently sitting at $0.39, up 8% in the last 24 hours. Ali urged investors to stay patient and not be concerned with occasional dips, emphasizing that patience and conviction are crucial for those aiming to become “true #DogecoinMillionaires.”
Dogecoin has seen a 240% increase over the past 30 days, pushing its market cap to $60 billion. These gains have attracted attention from retail investors and analysts, making DOGE a leading contender among the best cryptocurrencies to buy now. Technically, Dogecoin has surpassed its 20-day EMA at $0.215 and its 50-day EMA at $0.166, reinforcing its bullish trend.
The Market to Realized Value (MVRV) ratio for Dogecoin is currently 2.7, indicating an upward trend despite nearing an overvaluation zone. The weekly chart has formed a cup and handle pattern, typically signaling a bullish reversal, with some forecasts suggesting a potential target of $1—a 163% increase from the current price.
Surge in Network Activity and Investor Interest
Dogecoin’s relative strength index has risen above 80, placing it in overbought territory. Analysts caution investors to remain vigilant due to the token’s volatility, which can result in significant gains during bull markets but substantial losses during bear markets. Key resistance points are at $0.5 and $0.76, while support levels are at $0.35 and $0.2.
Increased network activity supports Dogecoin’s growth, with IntoTheBlock reporting over 6 million transactions processed in the past week. Additionally, Santiment data shows a rise in wallet addresses holding less than 100,000 DOGE, indicating growing interest from smaller investors.
Influential crypto voices suggest Dogecoin may still have room to grow. Crypto Kaleo has noted that Dogecoin appears to be at the beginning of another major impulse move, following a pattern of rallying around 200 days after each Bitcoin halving. This trend, combined with recent political developments, supports the potential for significant gains.
Source: Crypto Kaleo
Political developments also favor Dogecoin’s rise. Donald Trump’s recent election victory and his appointment of Elon Musk to lead the Department of Government Efficiency have added symbolic momentum. The appointment of Musk, known for his public support of Dogecoin, has further energized the memecoin community.
With its current momentum, many investors are eyeing the $1 mark as a potential price target for Dogecoin. The combination of strong community support, favorable market conditions, and significant investments from major players positions Dogecoin as a top contender in the cryptocurrency market.
Source: https://bravenewcoin.com/insights/dogecoin-climbs-with-trumps-support-hits-30-day-high