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Dogecoin is on the rise, with the dog-themed coin rising nearly 11% to a high of $0.419 in the early Friday session — the highest price recorded for DOGE in nearly five weeks. The spike coincides with renewed bullish momentum on the overall cryptocurrency market, with altcoins showing price increases as Bitcoin returns above $100,000.
Following a marketwide slump on Monday that saw Bitcoin temporarily dip below $90,000 and other digital assets see significant losses, the markets began to recover following positive U.S. inflation data.
At the time of writing, DOGE was up 10.03% in the last 24 hours to $0.411. Dogecoin started to rise after hitting support at lows of $0.30 on Jan. 13. The dog coin is currently on track to mark four out of five days in the green since this date.
Tomiwabold OlajideThe recent rise has caused DOGE to gain ground above the closely monitored 50-day SMA at $0.3714, signaling a bullish bias. The surge has left traders speculating whether DOGE is set for a more extended rally if the current price shift above the daily SMA 50 results in sustained positive momentum.
Is this just the beginning?
January has historically been the best-performing month for Dogecoin, with an average return of 85%, despite outlier performances of 250% and 700% in 2014 and 2021, respectively. It has a median performance of 5%, which is the second highest after 8% in October. So far, Dogecoin is up nearly 30% this January.
According to Ali, a crypto analyst, during the latest bull cycle, Dogecoin (DOGE) began its second leg up on Jan. 25, 2021, following a 56% price correction. DOGE has lost 46% of its value in recent weeks. Ali predicts that if history repeats itself, Dogecoin's next leg up might begin shortly.
Some might reach $1 in 2025, which is nearly 45% more than the coin's all-time high of $0.737 reached in May 2021. "Dogecoin will finally hit $1, with the world’s largest and oldest meme coin touching a $100 billion market cap," Galaxy Digital's Head of Research Alex Thorn stated in a year-end market prediction post.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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