Dogecoin, the meme coin which is Elon Musk’s favorite crypto, indicates signs of an expected surge in the near future. The coin might spike to its $0.17 price value, which happened on April 5, 2022.
At the time of writing, DOGE is trading at a price of $0.14, with a market cap of nearly $19 million. It has spiked with 1.68% growth in the past 24 hours. Also, it leads in the 11th position among the top 20 cryptocurrencies by market cap. Specifically, the global market cap hangs around $1.88 trillion, with a 2.03% decrease over the last day.
DOGE/USDT 1-day chart (source: TradingView)
Furthermore, DOGE had a strong bear push downwards on February 24, 2022, which signaled a ‘hammer candle pattern’. Contrary to this stage, the coin reached $0.17 on April 5. The significant question here is if DOGE will reach back to this surge soon.
While peeking into the past, the price of Dogecoin on June 5, 2019, showed a $0.0046 hike; it then signaled a red flag until it soared to $0.0049 on February 9, 2020. However, there had been slight surges and dips in during the months in between.
Notably, DOGE secured its all-time high (All-Time High) of $0.74 in May 2021. This value hike occurred prior to Elon Musk’s SNL appearance in May 2021. But its price plunged during his live session as Elon jokingly called it a ‘hustle’.
Since its ATH, DOGE price has moved down by 85%. Moreso, the coin showed three distinctive lower lows and lower highs from September 2021 to March 23, 2022. The trend lines passing through this specific time period depict a falling wedge pattern.
Essentially, the upward trend of DOGE since April 12 continues to climb the stairs till now. If this trend continues to surge, DOGE is expected to reach its $0.17 price value.
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Source: Cryptocurrency - investing.com
