When cryptocurrencies first emerged, it was always thought that they had a purpose. Perhaps the one that broke this perception was Dogecoin, which is currently at the top of its field. $0.095893 (DOGE) had become. DOGE, the undisputed leader of the meme coin world, had no other reason for existence than as a joke when it emerged many years ago. However, things changed and with the support of important names in the market, DOGE’s perhaps meaningless rise began at an unexpected time. During that period, especially Elon Musk’s huge support, combined with bull market conditions, caused the price to rise to $0.7. So what do analysts think about DOGE’s current situation?
Analysts’ Comment on DOGE
Considering that DOGE has previously exceeded $0.7, investors continue to wonder when a new rally could occur. Despite this, the price is still far from the aforementioned level. However, analysts have similar views on a new rally. A Prize Pool Worth 21 Million TL Awaits You from BinanceTR! Participating and winning has never been easier.. You can sign up to BinanceTR from this link. Get your first crypto!
When we first look at the statements made by Trader Tardigrade on X for DOGE, it is seen that he focuses on the rise. The analyst, who also shared a chart on the subject, emphasized the inverse head and shoulders formation.
$DOGE consistently forms inverse Head & Shoulders in every cycle. In the current cycle, #DOGECOIN is currently on the right shoulder. It will rise again very soon.
Crpyto Tony, another closely followed analyst of the market, also made a statement expecting an increase in X.
Giving an update on his view, Tony said:
$DOGE / $USD – Update
0.11c is the level to regain for a solid entry IMO.
According to the analyst, the $0.11 level is important for DOGE as the price is currently still more than 20% below the mentioned level.
How Many Dollars is 1 DOGE?
When we look at the current price of DOGE, we see that it still has not exceeded $ 0.10. As of the time of writing, the DOGE price is trading at $ 0.09502 after a 0.30% decrease in the last 24 hours. DOGE’s marker volume is $ 13.8 billion, which ranks it 8th in the market volume ranking according to Coinmarketcap.
In parallel with the price decrease, the transaction volume also decreased and after a 44.71% decrease, it was realized as 367 million dollars.
The other day Elon Musk It was seen that even the DOGE-themed statement by Elon Musk could not have a big impact on the price, which made market participants nervous. It is known that under normal conditions, Elon Musk’s statements directly targeting DOGE in a positive way can have big impacts on the price in the past.
Disclaimer: The information contained in this article does not contain investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should carry out their transactions in line with their own research.
