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Oh, dear readers, let me regale you with the tale of Dogecoin, the cryptocurrency that has the world both wagging its tail and scratching its head. After a recent correction that saw it lose its gains, Dogecoin is now ambling toward the $0.29 mark, much to the delight of its many admirers. While the broader trend for DOGE remains bearish, analysts are confidently predicting a short-term rally to reclaim its one-month high. But is this just another dog chasing its own tail, or is there a real bone to be found here?
As the bears stamp their authority in DOGE, there is a ripple of optimism that the dog-themed cryptocurrency could see a rally. According to an X post by Igor Bondarenko, Dogecoin’s price can soar as high as $0.29 in the short term. But why, you ask? Well, it seems that DOGE is approaching its 20-day exponential moving average (EMA), and as the project inches toward this EMA, pundits say it may be a support level for traders entering the space. A support level, you say? More like a dog park where everyone hopes to catch a bone!
On the flip side, a failure to break the EMA level could spell doom for the beleaguered asset. Per Bondarenko, Dogecoin prices may fall as low as $0.10 in the near future. Yes, dear readers, the dog may be wagging, but the tail is still a bit wobbly.
“A breakout could drive DOGE to $0.23 and $0.29,” said Bodarenko. “If rejected, a drop below $0.14 could send it to $0.10.”
Long-term predictions for Dogecoin prices are fairly upbeat, with one analyst predicting DOGE to hit $20 in the coming months. At the moment, Dogecoin price sits at $0.16 and has gained over 6% over the last 7 days. But will this be the start of a grand adventure, or just another walk in the park?
While short-term technicals are predicting a small spike in Dogecoin’s value, on-chain indicators are pointing to a seismic leap. For one, DOGE address activity has soared to 1 million unique users, with active addresses spiking by 400%. Furthermore, fundamentals are indicating potential for a rally as high as $50. The filing of a DOGE ETF application by BlackRock may be the trigger for a seismic rally for the memecoin. Other institutional players are watching the space with keen interest as the assets move from memecoin to begin clutching at real-world applications. But is this just a dog and pony show, or is there real substance here?
Pseudonymous cryptocurrency analysts DOGECAPITAL and Trader Tardigrade remain optimistic in their prediction that DOGE can clinch $80, citing cyclical patterns from 2021.
“If historical trends repeat, Dogecoin is likely to begin its upward reversal soon, entering phase 2 of its parabolic rise,” said DOGECAPITAL. But will this be the rise of a new star, or just another dog chasing a car?
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2025-03-19 07:09