Despite the revived hype around Dogecoin (DOGE) flattening, the major meme cryptocurrency may be cooking up something that may once again put it in the spotlight for crypto market participants.
Thus, after DOGE's recent price perturbations, the meme coin found firm support slightly above $0.37. Occasionally, this is the level where the crypto market's 50-day moving average is stretched.
Vladislav SopovThis price curve on par with the 200-day moving average serves as a crucial price benchmark and the fact that buyers demonstrated their hand with signals about their confidence in the mid-to-long-term price ascent of Dogecoin.
As a matter of fact, this is also the price point just 100% beyond the all-time high for the major meme coin. Set back in 2021 at $0.74, the historic maximum of Dogecoin has never been tested, despite, for example, Bitcoin (BTC) rewriting its own all-time high almost every month.
Why not?
One may argue that it is only Bitcoin's thing, and alternative cryptocurrencies did not show such performance. But DOGE is not your average altcoin and was created as a humorous analogue to none other than BTC.
This plus the fact that Dogecoin tends to follow the price action of the leading cryptocurrency, playing sort of a catch-up role, justifies the decision of bulls to defend the important recent price high.
Arman ShirinyanAnother doubt might be that adding another $55.3 billion to the market cap may be an impossible burden. But if XRP can manage to increase its market cap fivefold to $180 billion in two months, why can this not apply to DOGE too?
Nothing is set in stone yet, but with the 50-day moving average acting as support, the chips are more on the bulls' side.
Dan Burgin
Vladislav Sopov