Dogecoin (DOGE), a cryptocurrency that has gained popularity and has a market capitalization exceeding $60 billion, is attracting interest again. Although the year got off to a shaky start for DOGE, it has since seen a significant rebound.
DOGE has mostly consolidated at $0.40, which raises some questions about whether its moment of glory has passed. However, recent research points in the other direction, with specialists looking into potential price levels that would inspire DOGE enthusiasts once again.
Technical support points towards development
Important technical indicators helped drive DOGE’s price trajectory. Currently at $0.26, the 50-day moving average was a stable support level that helped it rise to $0.44. The 200-day moving average, which remains steady at $0.15, shows DOGE’s long-term consistency.
$dawg $XRP Money will flow in $dawg
My first target is $1
I think we will easily reach $3-5 next year pic.twitter.com/hf5w8FUOUs
– Professor Astrones (@Astrones2) December 2, 2024
These metrics indicate a strong foundation for future growth. Analysts like Professor Astrons believe that DOGE may soon end the consolidation phase and start moving towards $1. Furthermore, he expects the coin to reach $3 to $5 “very easily” in 2025. It’s an ambitious goal, but Dogecoin has surprised the market before.
The role of XRP in the future of Dogecoin
The recent success of XRP is an interesting part of the potential rally in DOGE. Last week, the price of XRP doubled, giving some long-term users returns of more than 400%. XRP’s market capitalization has grown to more than double that of Dogecoin thanks to this rally.
On the other hand, Astrones says that XRP’s uptrend may slow down soon. This could lead to buyers wanting to put their winnings back into Dogecoin, which could make more people want to buy it. In the cryptocurrency market, gains are often spread to other assets, meaning that money is often moved.
Does Dogecoin mirror XRP?
Other market watchers have noticed an interesting similarity between the recent patterns of XRP prices and the current DOGE chart. They said that DOGE is making higher lows, which is a sign of an uptrend, meaning the upward movement will be sustainable. If this is the case, Dogecoin like XRP will explode and move its price away from current levels.
DOGE is already showing resilience at $0.42 with a 1.5% gain over the past 24 hours. Of course, the path to $1 and beyond is not guaranteed, but market optimism is rising. With strong technical support and the potential for XRP-based purchasing, Dogecoin may be poised for its next big leap.
Featured image from The Guardian, chart from TradingView
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