Dogecoin is the center of attention today as it happens to be a big day for the leading coin. Given the attention it is expected to receive today, DOGE could experience a important rally.
Dogecoin turns 11 and could benefit from a landmark rally
Dogecoin turns 11 today. The very room was spear on December 6, 2013, by Billy Markus and Jackson Palmer. DOGE was created as a “joke” and parody of Bitcoin, but has become one of the largest cryptos by market capitalization. Meanwhile, Dogecoin is a close second as the second-largest proof-of-work (PoW) blockchain in terms of market capitalization.
To celebrate its eleventh anniversary, DOGE could see a significant rally today as market participants focus on the most important meme coin. Crypto analyst Master Kenobi also suggested that DOGE could see a price rise today. Interestingly, based on its recent analysis, Dogecoin is well prepared for its next leg, having consolidated for around 25 days after its initial bull run, just like during the 2021 bull run.
Therefore, Dogecoin’s anniversary could be the catalyst for the next price breakout. Master Kenobi predicted that DOGE could reach $1 in its next rally and reach $2.9, depending on how parabolic the pump is. Meanwhile, crypto analyst Kevin Capital predicts that the next rally could pave the way for Dogecoin to reach the golden macro pocket between $3.8 and $4.
Coincidentally, ahead of Dogecoin’s birthday today, Elon Musk and Vivek Ramaswamy, who heads DOGE, a government initiative named after the coin, had spoken to members of Congress yesterday about their plans for the department. Musk and Ramaswamy are moving forward with their plans for DOGE, which indirectly provides a bullish outlook for DOGE.
The DOGE department was one of the factors that contributed to the first phase of Dogecoin’s bull run, which began in October. Musk indirectly hijacked the meme coin via the DOGE initiative in the build-up to the US presidential elections, leading to significant rallies for the top meme coin.
DOGE is ready for another bull rally
Crypto analyst Captain Faibik also confirmed that Dogecoin is ready for another bullish rally. The analyst’s attached chart shows that DOGE could reach $0.68 in the next leg before possibly reaching the other targets, as other crypto analysts like Master Kenobi and Kevin Capital.
Crypto analyst Jacob Canfield also suggested that DOGE was well prepared for the next step, stating that DOGE should be let loose. The accompanying chart showed that the coin itself was ready to emerge from a symmetrical triangle. The analyst had also recently mentioned that DOGE was trading similarly to XRP, indicating that it could see a rally similar to the one the latter has seen in recent weeks.
At the time of writing, Dogecoin price is trading at around $0.43, down more than 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com