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Crypto investors around the world are asking the question: Why is Dogecoin going up? In this article, explore Dogecoin price (DOGE) trends and uncover whether a new crypto coin, DOGECOIN20, could offer superior returns in 2024.
Dogecoin, the first-ever meme coin, took the crypto world by storm in 2021, and now strength in the DOGE chart is revealing signs that another mega rally is cooking – with analysts suggesting DOGE could go as high as $1.
In a recent assessment, analysts drew parallels between DOGE’s current price action and its meteoric rise in the last bull cycle that took it above $0.70, drawing investor interest in the left-out meme coin.
Dogecoin Price Chart Echoes 2021: Bullish Confirmation for DOGE?
When writing on March 26, DOGE changes hands above $0.17, adding +140% from January 2024 lows.
DOGE bulls are firmly in control, benefiting from the broader expansion in Bitcoin and Ethereum prices, alongside the consequent meme coin season trading activity. This burgeoning interest in meme coins has amplified Dogecoin price performance.
(DOGEUSDT)
Looking at the DOGEUSDT candlestick, the coin recently broke above the 50, 100, and 200-week simple moving averages. In technical analysis, chartists use moving averages, or simply, MAs, as dynamic levels of resistance or support.
This time, and considering that the coin has been under pressure for the better part of 2022 and 2023 – these MAs acted as resistance.
Analysts note that the breakout mirrors the price movements observed in late 2020, which preceded a staggering 40X surge in the first half of 2021.
By May 2021, when Elon Musk appeared on Saturday Night Live (SNL), the coin had broken above $0.70, with supporters saying it was preparing for $1.
At that time, Elon (excuse me, the Dogefather) was vocal about DOGE. Now that the same formation appears to be printing out, traders are excited about the possibility of similar gains in the coming months.
Supercharge Dogecoin Price Skyrocket With Dogecoin20: Capitalizing on the Hype?
While DOGE supporters expect a spike to $1 and above the immediate liquidation level in 2024, this resurgence is fueling interest in Dogecoin20, a new ERC-20 token currently in its presale phase – offering retail investors the chance to get in early at an ultra-low market cap.
Developers describe the Dogecoin as part of the “Dogecoin family of meme coins.” However, unlike DOGE, there is more utility to Dogecoin20 holders since they can stake and earn rewards.
Additionally, Dogecoin20 attempts to differentiate itself from other meme coins by offering a capped supply and a staking mechanism, features not present in Dogecoin. This could incentivize long-term participation and address concerns about inflation.
But the real opportunity lies in Dogecoin20’s market cap (around $10m), which is just a fraction of Dogecoin’s $26.6Bn, imagine if Dogecoin20 repeated just 1% of Dogecoin’s success. That would mean a 30x return for presale investors – an easy target in bull market conditions.
Dogecoin20 will likely capitalize on the “replica play” on DOGE and possibly attain the same viral success. Strategically, the meme coin creators are tapping into high expectations ahead of the Bitcoin halving event.
Dogecoin20 will launch on April 20, around 24 hours after the event.
Explore: BakerySwap PUMP Raises $280M in Biggest-Ever Meme Coin Presale – Could New Dogecoin Be Next?
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
