ย ย
Dogecoin, the world's largest meme cryptocurrency by market cap, has managed to fly under the radar despite the recent surge in the broader cryptocurrency market.
While major cryptocurrencies grab the headlines, Dogecoin has quietly gained over 9% over the past seven days, riding the wave of a general market rally and briefly touching a high of 0.07466 last Thursday.
This rise is especially notable as Dogecoin had been on a pause since June 2022, with the cryptocurrency consolidating sideways and hitting yearly lows around the $0.06 mark. However, early last week, its price managed to break out of this decline, bringing a ray of hope to DOGE enthusiasts.
Notably, the resurgence in Dogecoin's value is linked to the broader market resurgence, sparked by increased market optimism surrounding the potential approval of a Bitcoin exchange-traded fund (ETF) in recent weeks.
That said, following the recent surge, crypto experts have also pointed to technical indicators that suggest a possible breakout for Dogecoin. On Sunday, popular crypto analyst Ali Martinez highlighted a positive candle pattern and a TD sequential buy signal, indicating that Dogecoin may be poised for a significant bullish move.
ย ย
โDogecoin shows promising signs, DOGE breaks out of multi-year descending triangle on weekly chart! Confirmation of a buy signal from the TD Sequential indicator within this timeframe reinforces the bullish outlook for DOGE. Ali wrote.
Additionally, an interesting "double bottom" pattern has emerged when looking at the four-hour period, which some experts believe could push Dogecoin up 20% depending on favorable market conditions.
However, challenges remain for Dogecoin as it faces a key resistance point at the $0.075 mark. The price must remain above the initial support of $0.067 to extend its recovery. If this condition is met, it opens the door to a possible additional recovery of 20%, with the price target set at $0.085.
That said, the lingering question hanging over Dogecoin is whether it will ever be able to reach the long-awaited $1 milestone. It is worth remembering that in May 2021, Dogecoin reached an all-time high of $0.73 during the bullish phase of the cryptocurrency market. However, despite passionate support from Elon Musk, the currency subsequently fell into recession, effectively adding an additional zero to its valuation.
Some experts have suggested that the chances of Dogecoin reaching the dollar by the end of the decade in 2030 seem slim. Specifically, reaching this psychological threshold would require a substantial increase of 1,200% compared to its current value.
According to a Dogecoin Enthusiastic, The maximum price Dogecoin could reach in 2028 is $0.61, which is lower than its previous all-time high. In a more pessimistic scenario, he said Dogecoin's value could fall to $0.12 between 2029 and 2030.
At the time of publishing, DOGE was trading at $0.068 after a 1.15% drop in the last 24 hours.
source: zycrypto.com
