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Dogecoin (DOGE), the king of meme coins, is flashing a recovery move after 30 days of volatility that saw the price dip to $0.1482. However, current development on the market suggests that the meme coin is no longer at risk of adding another zero to its price anytime soon.
Renewed rally lifts Dogecoin’s price and volume
According to CoinMarketCap data, Dogecoin, within the last 24 hours, has climbed from a low of $0.1715 in a renewed rally to peak at $0.1848. As of press time, the meme coin is changing hands at $0.1802; this represents a 3.56% increase within the time frame.
Traders have also pushed the volume up by a significant 99.74% to $1.74 billion as they continue to actively transact. Given the current setup of soaring price and volume, DOGE is likely to continue in this trajectory.
This higher user count and the activities of ecosystem whales suggest that the odds of a massive sell-off that could plunge the price deeper remains low or unlikely.
Another significant catalyst to Dogecoin’s rebound move is the spike in Bitcoin’s price to over $111,000. DOGE’s 0.67 correlation to Bitcoin has supported its upward movement and steered it away from the path of adding another zero.
Can DOGE align with history for 50% increase?
Meanwhile, in the DOGE ecosystem, investors remain optimistic about the meme coin’s outlook. As U.Today reported, there was a staggering 11,558% surge in volume on a notable exchange recently. The development signaled renewed interest from traders as they anticipate a market shift.
Renowned on-chain analyst Ali Martinez had hinted that Dogecoin might witness an up to 50% price increase. According to Ali, DOGE needs to hold above $0.16 for a possible bullish run to occur.
With the price flipping $0.18, market participants will have to hope history repeats itself and aligns with its pattern from 2023. In the interim, all eyes remain fixed on DOGE and whether it can find stability at this level and avoid further downward movements.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team