Dogecoin (DOGE) Surges over 90%
DOGE (Dogecoin) is an open-source cryptocurrency based on the popular “doge” Internet meme. The Dogecoin logo features a Shiba Inu. DOGE was created in December 2013 by Billy Markus of Portland, Oregon, and Jackson Palmer of Sydney, Australia.
Dogecoin was forked from the Litecoin cryptocurrency in December 2013. The founders of Dogecoin wanted to create a fun, playful cryptocurrency that would appeal to people outside of the Bitcoin community because it was based on the dog meme. Tesla CEO Elon Musk said in several tweets that Dogecoin was his favorite cryptocurrency.
Today’s Price of DOGE
Dogecoin is currently trading at $0.1612 with a 24-hour volume of $5,540,644,937.32. This indicates a price increase of 90.49% over the last seven days and 14.20% during the previous 24 hours. Dogecoin, which has a 140 billion DOGE supply in circulation, is worth $23,102,722,698 at current market value.
Technicals
The price has broken the Descending triangle. We can see a good bounce upward. Currently, the price has broken the horizontal resistance zone. A retest would serve as further bullishness of $DOGE.
Dogecoin’s 3-day trading history is displayed on the DOGE/USDT chart, which indicates a noteworthy breakout above a long-term falling trendline and possible trend reversal. Price has entered a crucial resistance zone as a result of the recent rally, and a breach of this zone could result in additional upside. The way the market is responding to this breakout, the price action points to a very positive attitude.
The upward velocity was aided by the grey area at the bottom, which served as a solid base of support. Dogecoin may imply persistent positive momentum and aim for additional gains at the higher green highlighted resistance area if it stays above the trendline.
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Price Prediction
Experts in the cryptocurrency space predict that in March 2024, the average Dogecoin rate will be $0.117, based on price swings from early 2023. Its projected lowest and maximum prices are $0.105 and $0.128, respectively. Possibility of ROI is 10.7%
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Price History
In the past month, DOGE has surged by 75.98%, boosting its value by a significant $0.11. With this rapid increase, the coin has the potential to establish itself as a stable investment option moving forward.
The highest Dogecoin price ever paid was $0.7316 on May 08, 2021—nearly three years ago. In contrast, the price at which it is currently trading is 77.99% less than its all-time high.
On May 06, 2015 (almost 9 years ago), $0.0000869 was the lowest price ever paid for Dogecoin. In contrast, the price at which it is currently trading is 185,153.15% more than its all-time low.
Endnote
The Dogecoin chart shows a strong bullish trend as it has broken above a major descending trend line, suggesting a potential reversal from past declines. Based on current market forecasts for March 2024, the average price of DOGE is about $0.117, with a possible peak of $0.128. This implies a return on investment (ROI) of 10.7%.
DOGE has rallied 75.98% in the last month, but it is still trading below the all-time high of May 2021. The volatility of the market indicates both risks and opportunities. Current support levels are critical for DOGE’s continued recovery. Therefore, investors should proceed with caution and conduct thorough research before investing in this volatile market.
