Alongside a broader market recovery, Dogecoin has soared over 15%, currently trading at $0.1555.
Meanwhile, trending ICO meme coin Dogecoin20 has surpassed $4.4 million total raised in just one week, setting a bullish precedent for its upcoming trajectory.
Analysts Bullish On Dogecoin as It Finds Support
Doegcoin has enjoyed tremendous momentum over the past 24 hours, outpacing other top ten cryptocurrencies. This has ignited massive interest among experts, who anticipate a vast upside for Dogecoin in the coming weeks.
Currently, DOGE is up 16% today and 83% this month but remains down 16% this week. Its market cap is $22 billion, and its 24-hour trading volume is $3.1 billion, up 22% today.
However, the recent uptick follows a deep retracement. DOGE peaked on 5 March at $0.2 before enduring a bearish trajectory to lows of $0.13.
Still, its recent bounce reflects a shifting momentum as bulls reenter the market, priming it for the next leg up.
“DOGE looks ready to rip higher again. There is a big drawn-out ABC pattern on the USD and BTC pairs after an initial impulse wave in February,” said prominent market analyst Bluntz.
The accompanying price chart shows that Dogecoin will break its local high and proceed beyond $0.22.
“DOGE is going to pull off another 2021-style run. $2-$3 is not impossible. So far, we are still hovering around the breakout point of the years-long base,” speculated TheGhost when analyzing Dogecoin’s long-term potential.
Also taking a long-term outlook, prominent commentator Rekt Capital says that Dogecoin retested a macro trend line, likely resulting in a move to the upside.
“Dogecoin tagged the macro downtrend as support for yet another successful retest. Continued successful retesting like this will likely precede trend continuation over time,” he wrote.
Meanwhile, renowned trader Horse believes Dogecoin’s current price presents a solid entry.
The analyst explained that he has started buying DOGE, citing its “almost 50% off the highs, cleared some important lows, and looking constructive on the middle timeframes.”
Prominent analysts are bullish across a spectrum of timeframes. But this is not the only crypto displaying such potential.
The new ICO Dogecoin20 is causing a ruckus, having raised a staggering $4.4 million in one week.
Trending Dogecoin20 Offers Green DOGE Alternative & Raises Over $4M
Step into a new paradigm of meme coin innovation with Dogecoin20, a Dogecoin-inspired venture with immense advantages over its legacy counterpart.
With an unwavering focus on community, Dogecoin20 offers a Stake-to-Earn mechanism, providing holders a means to compound their investment while securing and stabilizing the network.
Currently, stakers can garner a 206% APY, but this will decrease as more tokens are deposited.
In an effort to conserve energy and protect the environment, Dogecoin20 launched on the Ethereum blockchain, swapping out Dogecoin’s Proof-of-Work for the greener Proof-of-Stake consensus mechanism.
Another advantage is Dogecoin20’s 140 billion token capped supply. This encapsulates the “sound money” principle forged by Bitcoin, a critical component to long-term stability and prosperity.
However, alongside its tangible advantages, Dogecoin20 retains the same memetic allure and embraces the “Do Only Good Every Day” ethos popularized by Dogecoin.
This appeases the meme coin community, while its intertwined utility and robust tokenomics have drawn value-seeking investors.
Indeed, raising $4.4 million in one week reflects a deep appetite from the investor community. But leading analysts are also bullish, with Jacob Bury calling it “the next 100x potential meme coin.”
Market participants can buy Dogecoin20 for $0.000203, but this will rise through the presale, with the next increase when it hits $4.6 million.
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