In the opening week of April, the Dogecoin price experienced a tumultuous period. After reaching a high of $0.228, the price plunged 25% to $0.167 before returning to the $0.2 level. With the Bitcoin halving approaching, this correction could support DOGE’s price and initiate a new recovery pattern.
Dogecoin is in the spotlight
The medium-term outlook for Dogecoin (DOGE) is positive, indicated by an upward trend line on the daily chart. This trendline acts as a reliable support during market corrections and indicates a strong recovery trend.
After a recent correction, DOGE price reached a low of $0.17 before rising 20% to $0.2. This rise crossed a key resistance level at $0.196, paving the way for further recovery moves.
At the time of writing, Dogecoin’s current market capitalization hovers around $28.9 billion, maintaining its position as one of the top 10 largest cryptocurrencies.
“If this upward momentum continues, Dogecoin price could see a 14% increase, aiming to reach the $0.228 mark. A successful break from this level would further confirm the bullish trend and set the recovery trend to reach $0.271, followed by $0.3.”
As long as the uptrend line remains intact, Dogecoin’s recovery trend is expected to continue.
Memecoins are gaining popularity
Recently, IntoTheBlock highlighted in an analytical tweet the significant growth in the meme cryptocurrency market, noting a notable tripling of its total value by 2024. Among the notable performances, Dogecoin (DOGE) has seen its price double, while Shiba Inu (SHIB) has risen 2.5 times.
PepeCoin has shown an even more astonishing increase, with a fivefold increase in value. This collective increase has pushed the market cap of meme coins past the $56 billion mark, signaling a strong season for meme coins.
Source: https://cryptobenelux.com/2024/04/08/zal-dogecoin-doge-zijn-hoogtepunt-bereiken-in-april/
