- Summary:
- Dogecoin’s price is about 46% below its all-time high price, but a 170% gain over the past month makes this goal worthwhile.
Dogecoin price rose sharply on Tuesday, gaining 4.7% to trade at $0.388 at the time of writing. The meme coin posted mixed results last week, and the resurgence will have its supporters believing that it could set a new record this week. Dogecoin’s current price is 46% below its all-time high set in May 2021. However, DOGE has gained 170% over the past month, making the ATH a realistic target.
Key dynamic indicators confirm the strong bullish trend around Dogecoin. It is trading above the volume-weighted moving average (VWMA) on the daily chart, and the 24-hour levels and traded volume were up 26% at the time of writing. An increase in the traded volume of an asset when prices rise generally indicates an uptrend.
Dogecoin’s propelling fuel is still in play, as Donald Trump’s nominees to key institutions are seen as disruptive to the traditional way of administration. Trump has yet to take any action in the financial markets sector, and the anticipation surrounding his potential announcements will keep cryptocurrencies on an uptrend.
Meanwhile, a lawsuit filed against Elon Musk seeking compensation for his alleged undue influence on the price of Dogecoin was dropped last week. A strict regulatory framework coupled with multiple lawsuits against crypto assets and institutions has hampered the growth of the sector. However, the changing of the guard at the White House heralds a newer, more accommodating era.
Dogecoin Price Prediction
Dogecoin price is pivoting at 0.378, and action above this level will signal buyer control. Momentum will likely meet first resistance at 0.390, but extended control by buyers could break through this level and test 0.400.
On the other hand, a move below 0.378 will favor sellers taking control. In this case, the first support could be at 0.367. However, if sellers expand their control, the price could drop below this level. This would invalidate the bullish narrative and could potentially push the price lower to test 0.357.
