According to a recent X post by @DogecoinFear, the Dogecoin Fear and Greed Index has entered "greed" territory, showing 71. This indicates that a market correction is possible soon, whereas a Fear "reading" can be interpreted as investors getting worried, therefore, a buying opportunity arises.
Since Sunday, the original meme cryptocurrency, Dogecoin, has surged by 13.25%, jumping from $0.0607 to the $0.0687 level. At the time of this writing, the meme coin loved by many is changing hands at $0.0679 on the Bitstamp exchange.
Dogecoin is pumping following the flagship cryptocurrency Bitcoin, which has surged by 11.63% over the past 24 hours and all of a sudden surpassed the $34,000 level, now trading at $34,585. Many believe the reason for this price pump to be the hype around a Bitcoin spot ETF, which is expected to be approved by the SEC this year.
Dogecoin targets $1?
Recently, several cryptocurrency analysts have mentioned in their X posts that they are expecting DOGE to head for the ambitious $1 target. Over the weekend, crypto analyst Ali Martinez stated that Dogecoin was coming close to the apex of a multiyear descending triangle pattern.
He said that depending on further moves, DOGE has the potential to head for $1. Another analyst, who mentioned the $1 target for Dogecoin recently was Bitcoin trader and market commentator @AngloBTC.
He tweeted: "The universe owes me 1 billion dollars. Target: $1."
Dogecoin trades almost 100% below ATH
Dogecoin reached a historic peak of $0.7376 on May 8, 2021, largely thanks to DOGE fan, tech tycoon and now X platform owner Elon Musk. Back in 2021, he shilled Dogecoin during his debut on Saturday Night Live.
However, soon after the triumphant surge, the price began to decline as many investors took their profits off the table. Since then, Elon Musk has endorsed DOGE in multiple tweets, but he has been unable to propel DOGE to the previous historic peak. Currently, the canine cryptocurrency is changing hands 90.74% below the all-time high of 2021.