Following a protracted decline, DOGE (Dogecoin) is swiftly regaining market momentum. The original meme coin has surpassed Bitcoin and other cryptocurrencies as of this week. With a seven-day increase of 7.10%, DOGE is currently trading at $0.08821. According to market capitalization, the coin has also returned to the top ten cryptocurrency list. One of the main reasons for DOGE’s recent growth has been its most recent partnerships.
The luxury automobile maker Ferrari has announced that it would now take DOGE as payment in the US. In addition to USDC, Bitcoin, and Ethereum, buyers in the US can now purchase Ferraris with Dogecoin. Another well-known company that takes Dogecoin as payment in the US is Tesla. The bitcoin sector is becoming more widely accepted as more people become interested in it. For this reason, the most recent forecasts for Dogecoin indicate that it will hit $0.26 in 2024.
At present, DOGE continues to hold above three bull market indications, which are backed by the 20-day, 50-day, and 200-day moving averages. In addition, the Moving Average Convergence Divergence (MACD), which is located directly above the neutral line, is giving the currency a positive outlook.
If Dogecoin breaks through the closest support level, it may finally reach the much anticipated $0.1 and $0.15. If the coin is unable to achieve this, though, it will fall to the closest support level, which is $0.075.
Some indicators, including the steadily rising number of addresses containing DOGE, point to a potential Dogecoin surge in the coming weeks. Dogecoin addresses increased from 5.42 million to 5.9 million in 2024, according to IntoTheBlock.
It was also revealed in the research that 87% of DOGE holders are profitable. However the IOMAP model shows that just 11% experience unrealized losses. DPGE has been purchased by about 312,500 addresses on average for $0.0811. With minimal obstacles in the road, Dogecoin could soon be able to end its decline and reach $0.1.
