Dogecoin’s (DOGE) Epic Bull Run Continues | Can It Reach $1 Soon?
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Can you imagine an asset seeing growth of 12,500% in just about four months? That’s exactly what has been happening with Dogecoin (DOGE) lately. A crypto that started merely as a joke is now the fourth biggest coin in terms of market capitalization. The price of DOGE on Jan 1st 2021, was around $0.005, and today its price almost touched the 70 cents mark.
With a growth of just over 1000% in less than a month and +50% in the last 24 hours, Dogecoin broke its previous all-time high value. In the early hours of Wednesday, Dogecoin has reached the $0.69 mark with a market capitalization of around $85 billion. This enabled DOGE to become the 4th biggest crypto in the industry, just after Bitcoin (BTC), Ethereum (ETH), and Binance Coin (BNB).
To put things in perspective, Dogecoin is now more valuable than Fortune 500 companies like General Motors, Mondelez and FedEx.
What Caused The Price Surge in Dogecoin?
The significant initial push to this crypto was by the well-known billionaire, a man behind revolutionary companies like SpaceX and Tesla – Elon Musk. In a series of tweets, he made an actual attempt to pump the price DOGE, and he was pretty successful in doing so. To accompany him, Shark Tank Fame, Billionaire investor Mark Cuban announced that tickets to his basketball franchise, Dallas Mavericks, can be bought using Dogecoin. This contributed to the increase in the legitimacy of this crypto overall.
The growth of Dogecoin and the interest around this crypto have come from various sources, and new exchange listings are among them. World renounced multi-asset platform eToro has listed Dogecoin to its existing list of cryptos. Talking about this, a spokesperson from eToro said that they have started to support DOGE as they saw a huge demand for it from their existing clients. Just a day after this, another credible exchange ‘Gemini’ announced the listing of Dogecoin on their platform.
The listing of DOGE on these two exchanges exposed this crypto to over 20 million users worldwide. Experts believe that Dogecoin’s bull market would further strengthen with these listings.
What’s The Current Market Sentiment?
Traders and investors have mixed feelings about the future of Doge in the upcoming days. Elon Musk, who has been pretty vocal about his love towards Dogecoin, has recently tweeted that he would host the ‘Saturday Night Live’ on May 8th with the tag ‘Dogefather’. We aren’t really sure about his intentions, but we know for sure that this event could do wonders or blunders to Doge price.
Talking about this upcoming event, an expert OTC trader said that this brings a pure positive interest among DOGE investors. Below are his exact words.
I think investors are bullish about Elon Musk’s upcoming appearance on ‘Saturday Night Live. Absolutely.
Alessandro Andreotti, Over-The-Counter Trader
However, a few Crypto experts think the Doge bubble is about to burst with this event and slump just like how Ripple (XRP) did.
Dogecoin Technical Analysis
Dogecoin (DOGE/USDT) has outperformed the top two cryptos, Bitcoin and Ethereum, in terms of percentage growth. With the current market state and bullish momentum, we shouldn’t be surprised if this crypto reaches the $1 market even before May 8th. Planning to take advantage of this price movement? You can easily buy Dogecoin on our list of reliable crypto exchanges for the best prices.
DOGE/USDT | Daily Time Frame
We can see the formation of the ‘Three White Soldiers’ candlestick pattern on the daily timeframe. This indicates a clear buy trend, and the presence of sellers is almost nullified. The price is currently at around $0.6277, and the nearest round-number resistance on the daily timeframe is $0.7500. In case of any adverse selling pressure, the price could take support from its daily and weekly support areas at $0.3673 and $0.2433, respectively. However, it is very unlikely for this to happen.
DOGE/USDT | 4-hour Time Frame
On the 4-hour timeframe, the resistance level could be the current all-time high value of the Dogecoin. The support levels are $0.5106, $0.03673 and $0.2433 on the 4-hour, Daily and Weekly timeframes. The 10-period moving average is still under the price action, indicating a bullish trend. Also, the price could take immediate support from the $0.51 level before shooting up to the north.
For now, DOGE traders and investors are keenly looking for the most anticipated event on May 8th. Hoping to see more great things happening for Doge shortly. Cheers.
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