DOGE is consolidating after hitting its highest level since July above $0.08 on Saturday
DOGE is consolidating after hitting its highest level since July above $0.08 on Saturday.
According to CoinMarketCap data, the cryptocurrency has risen by approximately 11% in the past 7 days.
The final change of hands price for DOGE is about $0.0775, but bulls still believe that after the recent strong rebound of cryptocurrency from its 200 day moving average ($0.068), it may rise to an annual high above $0.010 in the near future.
Of course, a strong rebound from the 200 day moving average does not guarantee the recent positive momentum of the dog coin market.
Gougou Coin rebounded strongly from its 200 day moving average in April, but quickly reversed into a bearish trend for most of the remaining time of the year.
But will it be different this time?
Due to optimism about the recent approval of spot Bitcoin ETFs, Bitcoin has broken through an 18 month high, and risk appetite in the broader cryptocurrency market is rebounding.
In fact, the total market value of the broader encryption market has recently reached its highest level since May last year, exceeding $1.4 trillion.
If Bitcoin and the broader market continue to rise, this may continue to support Dogcoin.
Price Forecast - Where is the Next Step for Dogcoin?
In recent days, after breakthroughs in key technologies, the price prediction of dog coins has become more optimistic.
The cryptocurrency has been consolidating within the Triangle Flag structure for the past few months, but earlier this month it broke through the northern part of the structure, with its recent 200 day moving average rebound occurring simultaneously with the previous downward trend line rebound.
Technical analysis shows that cryptocurrencies tend to rebound to the summer high of $0.1050 in the near future.
Is the price of $1 DOGE coming soon?
A new bull market in the broader cryptocurrency sector seems to be underway, and Dogcoin is still far below its recent annual high. Some investors may believe that Dogcoin is an underpriced cryptocurrency at current levels.
The recent technological breakthroughs indicate that there may be a strong rise in the near future, but is the upcoming potential driving force sufficient to drive the price of dog coins to $1, with a market value of $141.8 billion (considering that the current supply of tokens has just exceeded $141.8 billion).
So, to achieve such a high market value, more dog coins may need to be adopted.
But if Elon Musk fulfills his suggestion, Dogcoin may achieve this, that is, memes may be integrated into the future X payment system.
In late August, there were reports that Musk was secretly funding the development of dog coins, but hope still exists.
But in order for the rebound of dog coins to truly begin, more specific evidence is needed to prove that dog coins are about to enter X.
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