Dogecoin Price Prediction – Why $0.50 Is A Reasonable Target This Week

Dogecoin has been one of the best-performing cryptocurrencies in the past 30 days. In this period, DOGE has gained by 101%, and the momentum is not slowing down. Today, Dogecoin is up by 5%, making it one of the better performers on a Sunday when markets are primarily without much activity. 

Dogecoin is one of the oldest cryptocurrencies in the market, having been created way back in 2013. Dogecoin was designed to satirize the many cryptocurrencies popping up at the time and had all the metrics of a joke. It has a vast supply of hundreds of billions and is inflationary.

Dogecoin’s resilience in the face of challenges highlights its strength as a decentralized and community-driven currency. #Dogecoin pic.twitter.com/7Y11OHVMau

— Naomi Morales (@0Naaoomy0) March 24, 2024

 While the founders may not have intended for Dogecoin to last, it gained a life of its own with a strong community backing it up. Dogecoin’s reputation improved after 2020 when Elon Musk started talking about it. Today, it is one of the largest cryptocurrencies by market cap and is the only crypto that Tesla accepts for payments, which is a big deal for a meme coin. 

Rising DOGE Speculators 

A new wave of speculator interest in meme coins largely drives the current Dogecoin rally. While earlier in the year, newer meme coins were leading the charge, the older, more established meme coins have come back on the investors’ radar. This is evident in the recent surge in the prices of top meme coins like PEPE and Dogecoin. With the price of Dogecoin now showing increased bullish strength, the odds are FOMO could build up in the coming week and could see PEPE hit prices as high as $0.50 within the coming week. 

DOGE Price Action Points To A Mega Pump

The odds of a Dogecoin pump are already evident in its price action on the weekly charts. After a mega pump earlier in the week, Dogecoin bears tried to pull the price back but were firmly rejected. This week, bulls have regained complete control and erased all the losses from when bears tried to take control.

This is an indicator that bulls are firmly in control, and with buying volumes on the rise, all odds are that Dogecoin could be headed to prices above $0.30 this week. 

With the charts painting a bullish picture, money could pile into Dogecoin this week, mainly because the entire crypto market seems primed for a breakout. This is quite evident that Bitcoin is edging higher, even as short sellers pile up around $69k to $75k. It is an indicator that Bitcoin is headed for a short squeeze, and that’s good news for already bullish meme coins like Dogecoin. 

Broader Market Showing Bullish Signals 

Also, with Bitcoin halving less than three weeks away, investors are starting to take positions in meme coins with solid potential. That’s because meme coins offer higher gains than Bitcoin in all out-bull markets. For Dogecoin, which is already showing strong price momentum and has a history as a credible cryptocurrency, the odds of money flowing in large numbers are pretty high.

Pointers to a potential FOMO-driven breakout for Dogecoin are already evident in its trending on social media. This is a big deal as retail money chasing quick gains will likely gravitate towards Dogecoin as a meme coin offering higher gains than Bitcoin in an all-out Bitcoin. 

The best part is that Dogecoin is one of the most easily accessible meme coins on the market today. Anyone looking to buy Dogecoin can easily do so on several top exchanges such as Binance, Coinbase, and OKX.

In the section below, we do a Dogecoin price prediction to determine how it could trade for the remainder of the day.

Dogecoin Price Prediction – Why $0.50 Is Coming Soon

Dogecoin is trading at $0.1722, an increase of 5.20% in the last 24 hours. In this period, trading volumes also rose by 9.38% in the day to a high of $2.95 billion. 

In the last 24 hours, Dogecoin has traded in a bullish channel but has hit strong resistance at $0.174. With buying volumes on the rise and the broader market gaining upside momentum, the odds are that Dogecoin could break this resistance within the day. 

If this happens, the next fundamental level to watch in the day will be $0.25. If hit, this could open the way for DOGE to hit $0.50 in the week and potentially higher price levels, especially if there is a bullish breakout across the market.