Amid a bullish move for the majority of assets in the cryptocurrency sector, Dogecoin (DOGE) is making strides as well, having increased its price by over 120% in the last month alone, and chart patterns suggest more gains for the famous doge meme crypto.
As it happens, the macro long-term Dogecoin chart is making waves on social media platform X, according to the observations by pseudonymous crypto market analyst Bitcoinsensus, who is betting on the possibility of DOGE becoming the primary currency for X payments.
Dogecoin price macro chart. Source: Cryptollica
Specifically, DOGE performed similar movements back in 2014, 2018, and 2021, with the latest such behavior also being its most intense move upward, during which it advanced from $0.0065 to its all-time high (ATH) of $0.7316, or an earth-shattering 11,155.4%.
It is also worth noting that the DOGE price prediction by advanced artificial intelligence (AI) algorithms sees it possibly hitting $0.356 (up from the originally reported $0.292) by December 31, 2024, which, although nowhere near its ATH, would still represent an increase of 90.27% from its current values.
DOGE price prediction 1-year chart. Source: CoinCodex
Earlier in March, crypto trading expert Ali Martinez shared his vision of DOGE reaching the price of $1 by mid-April, which would not only break its previous price record but also increase the price of the doge meme crypto asset by 434.47% compared to its figures at the time of publication.
DOGE price action analysis and prediction. Source: Ali Martinez
Why is Dogecoin going up?
For now, Dogecoin is trading at the price of $0.1871, recording an increase of 1.08% on its daily chart and making a more significant advance of 38.65% in the last week, adding up to the even more impressive rally of 121.01% across the previous month, according to the chart data on March 27.
1-month DOGE price chart. Source: Finbold
So, why is DOGE going up? The answer to this question could lie in the generally optimistic sentiment in the wider cryptoverse, which has seen Bitcoin (BTC) return to the $70,000 level but also the increased activity of its whales, one of which transferred more than 1 billion DOGE to another crypto wallet.
On top of that, many X users have shared their optimism regarding the possible introduction of Dogecoin as the payment method for Elon Musk’s electric vehicle (EV) giant, Tesla, considering that the billionaire himself recently hinted at the same, promising to continue supporting the meme coin.
Ultimately, while making a precise Dogecoin prediction is a difficult task, the asset seems to be looking at a bright future. However, the trends in this sector can easily shift, so doing one’s own research and following Dogecoin news is critical when investing in it.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
