The crypto market has remained stable over the past 24 hours. Bitcoin, for example, has now reached $ 45,000. The second most valuable cryptocurrency, Ethereum, is trading stable above USD 3,100. But last day’s big winner is a meme coin again. Because the legendary Dogecoin exploded with significantly more than 25% in a single day, after having remained largely unchanged for the entire trading week. Is there now renewed momentum in DOGE’s share price development?
Dogecoin in better shape again
Recently, the course of the Dogecoin was again significantly more stable. In April the explosive development of the course began. Within a few weeks, the price rose to over $ 0.60 after having been worth just $ 0.05 for weeks. But after the hype surrounding Tesla CEO Elon Musk, a significant correction followed. From the high of USD 0.73, Dogecoin has now lost more than 60% in three months. In the past few weeks, the price has slowly but surely crumbled. There was only one direction for the Dogecoin, although the fans of the Meme-Coin still recommend the Hodln.
But last month there was again a price increase of around 30%. The rapid rise in the share price this weekend is primarily responsible for this. Various resistances were broken in the process. Now, in the USD 0.29 range, it should depend on whether the DOGE can confirm the strong upward momentum and possibly overcome USD 0.30 in the near future.
Analysts: From bull run to total loss, everything is included
Analysts continue to disagree about what the future of Dogecoins will look like. Everyone knows that Elon Musk has a positive attitude towards the crypto project, which was originally constructed as a joke. Because meanwhile the meme coin has firmly established itself in the top 10 of the crypto market with a view to the market cap. This is almost $ 35 billion.
The Finder.com portal recently published an analysis of the DOGE. Various experts were asked about the further course development there. These consider a price level of over USD 0.40 to be likely by the end of 2021. In the medium term, the rate could even be well above a dollar. After all, around a third of the experts questioned refer to such a bull run. However, the vast majority also see the formation of bubbles that will burst sooner or later. Other analysts such as Joseph Raczynski from Thomas Reuters assume that Dogecoin will approach worthless in the medium term.
Should you buy Dogecoin now?
The technical chart situation is clearly more positive again for the DOGE. The week-long sell-off has stopped and an upward momentum has returned. The strong price increase of around 25% with a market cap of almost 10 billion US dollars shows that Dogecoin is still attractive for crypto investors and traders. The opinions of the experts are mixed. At the same time, there is likely to be an enormous dependency on Elon Musk’s tweets in the future. DOGE-Hodler have to accept the resulting high volatility. Further price increases seem possible in the short term.
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