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Dogecoin is on the rise, with the dog-themed coin rising nearly 11% to a high of $0.419 in early Friday trading – the highest price recorded for DOGE in nearly five weeks. This spike coincides with renewed bullish momentum in the overall cryptocurrency market, with altcoins seeing price gains as Bitcoin climbs back above $100,000.
After a market collapse on Monday that saw Bitcoin temporarily fall below $90,000 and other digital assets suffer significant losses, markets have started to recover following positive US inflation data.
At the time of writing, DOGE was up 10.03% over the past 24 hours to $0.411. Dogecoin started to rise after reaching support at the low of $0.30 on January 13. The Dog Coin is currently on track to mark four out of five days in the green since that date.
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The recent rise has pushed DOGE above the closely watched 50-day SMA at $0.3714, signaling a bullish bias. The rise has left traders wondering if DOGE is poised for a more extended rally if the current price change above the daily 50 SMA results in sustained positive momentum.
Is this just the beginning?
January has consistently been the best performing month for Dogecoin, averaging an 85% return, despite outlier performances of 250% and 700% in 2014 and 2021, respectively. Its median performance is 5%, the second highest after 8% in October. Dogecoin is up almost 30% in January so far.
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According to Ali, a crypto analyst, during the last bull cycle, Dogecoin (DOGE) began its second increase on January 25, 2021, after a 56% price correction. DOGE has lost 46% of its value in recent weeks. Ali predicts that if history repeats itself, Dogecoin’s next leg could begin shortly.
Some could reach $1 in 2025, almost 45% higher than the all-time high of $0.737 reached in May 2021. “Dogecoin will finally reach $1, the world’s largest and oldest meme coin reaching a market cap of 100 billion dollars. ” Alex Thorn, head of research at Galaxy Digital, said in a year-end market forecast article.