Dogecoin (DOGE) followers and investors went on a wild ride on April 7th, when the price of the meme-inspired cryptocurrency suddenly shot up by 8%, hitting $0.204.
But the happiness didn’t last long because the price dropped quickly, leaving many buyers confused.
Even with all of this instability, DOGE still has the attention of the crypto market. It trades at $0.1965 right now and has a market value of over $28.2 billion, making it the eighth-largest cryptocurrency according to CoinMarketCap.
Dogecoin Investors Thriving Amid Price Volatility
According to data from IntoTheBlock, more than 88% of Dogecoin buyers are currently making money, even though the price has been going up and down recently.By looking more closely at the numbers, (Hyblock Capital) predicts a significant rise in Dogecoin’s sales around $0.208, which could lead to a price decline. If the price keeps going up, the next goal could be $0.22.
Venturing into the realm of possibilities, analysts contemplate the meme coin’s trajectory for the upcoming weeks. A bullish scenario could see DOGE reaching $0.349, according to insights drawn from the weekly chart.
Dogecoin, on the other hand, should break through barrier levels and reach $0.5, and then it should soar to its all-time high of $0.7 this summer.But could DOGE really aim for the sought-after $1 mark? Technical measures like the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are carefully looked at by analysts.
The fact that the RSI is still above the neutral level and the MACD is showing signs of a possible bullish crossing are both good signs for the meme coin. A rise in Weighted Sentiment also shows that buyers are confident in Dogecoin, which adds to the optimism.
The $1 goal may seem like a tall order, but experts think that if the bullish trend continues, Dogecoin could rise above this level in the second quarter of the year.
