The price of Dogecoin is facing short-term volatility after dropping by 8% in the last 24 hours. As of this writing, DOGE, which is dubbed as the king of memecoins, is trading at $0.39. The decline in the coin’s price has reduced its weekly gains by 2.29%. Despite the increased volatility, the coin is boasting a 188% gain in the last month.
Analysts Prediction of Dogecoin’s Price Movement
Analysts are optimistic that Dogecoin’s price could rally upward soon. According to MadWhale, a renowned market analyst, Dogecoin has a possibility of surging to $0.55. MadWhale’s projections are based on the coin’s technical analysis and previous price actions.
Supported by Fibonacci retracements, the analyst has also noted that Dogecoin broke through its resistance level which stood at $0.30. The resistance level will now serve as support with more price corrections.
According to another market analyst known as Bluntz, Dogecoin might be way over its fourth correction wave. The analyst has also observed that the coin has experienced “running flat” correction for the past few weeks. Running flat is a price correction associated with a coin rallying both upwards and sideways in a certain period of time.
While the recent price movement has resulted in a loss of interest amongst some traders, Bluntz believes that Dogecoin’s price could rise soon. Bluntz is bullish on DOGE and has set a target of $1 for the coin. His predictions indicate that traders should refrain from early profit-taking.
Dogecoin’s Future Prospects and Tech Updates
Moving forward, experts expect that Dogecoin will continue to position itself as a major cryptocurrency. One market expert, Ali Martinez, had speculated that DOGE could experience an upward rally. Martinez predicts price actions ranging anywhere between 9000% to 30,000%. He has also warned that corrections of up to 50% may be experienced.
In regards to tech advancements, the Dogecoin core 1.14.8 update improved its security and network efficiency. Development of the GigaWallet project will further provide seamless integrations for merchants and developers. These innovations will make Dogecoin more accessible to businesses and could strengthen its real-world utility.
Crypto Experiences Growing Interest
Dogecoin has gained a lot of attention from various investors. However, other memecoin projects are also on the radar of investors. With the coin highly supported by a strong community, its price could rally upward in the near future. Hitting the $1 target could reinforce the coin’s status in the crypto industry.
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