The cryptocurrency sponsored by billionaire Elon Musk continues to climb to the moon. Today the price of Dogecoin reached a new all-time high of $ 0.6966. Now the question is: can DOGE go higher?
At the time of writing, DOGE is trading at $ 0.6643, accumulating a gain of 12.24% in the last 24 hours.
The rise in recent days is extremely surprising, not so much because of the price, but because of the growth in market capitalization that this entails.
In the last 12 days alone, DOGE has risen 327%, leading it to become the 4th largest cryptocurrency on the market, a mind-blowing milestone.
Without a doubt, the main promoter of this extreme FOMO is the CEO of Tesla, Elon Musk, who has continually promoted the crypto meme through his twitter, with clearly ironic, sarcastic and humorous posts.
Despite the fact that it is a simple joke, the community of holders behind are standing firm waiting for the cryptocurrency to reach parity against the dollar, a goal also promoted by another billionaire, Mark Cuban.
It is really incredible to see how a coin without any real use case, created as a joke, and with a tremendous inflation rate, could have climbed to 4th place in the crypto market, something that makes us think how unsustainable this bubble is. .
Elon Musk on Saturday Night Live
There is a key driver of the most recent rise, and that is the expected appearance of the CEO of Tesla on the Saturday Night Live program.
Oanda senior analyst Edward Moya says the price of Dogecoin is rising because many cryptocurrency traders don’t want to miss out on any rumors stemming from Elon’s presentation on the TV show.
Through his Twitter, Musk asked his followers about some ideas to joke with in his presentation. Unsurprisingly, many asked him to talk about DOGE.
Some analysts are skeptical about how this appearance could influence the price of the cryptocurrency meme.
There are even those who think that this day could be decisive, but in a negative way. The analyst lowstrife indicates that the main rallies of the cryptomeme this year have been smaller and less aggressive than the current one. He suspects that this is the last push, and points out that May 8 is the day to watch.
Blockstream CEO Adam Back thinks the DOGE case is similar to GME’s short squeeze, a casino gamble. Not because the market agrees that it has value, but quite the opposite, because it is short precisely because it lacks value.
Dogecoin price technical analysis
DOGE is currently developing medium-term trend momentum, a rise that seemed most likely weeks ago.
Now this momentum is quite widespread, so the bulls may be about to run out. However, this is not the time to go short, the momentum is bullish, and we may see new highs before a correction occurs.
Each time the price of Dogecoin is closer to the desired goal of $ 1. But that this cryptocurrency reaches this price means that it must surpass BNB in market capitalization, and become the 3rd largest in the market. Do you really think that scenario is very likely?
It can happen, of course; however, the parabolic highs are also being exhausted, and a major drop may be more likely than hitting $ 1.00. I really don’t think we’re very far from the great downfall that the crypto meme must live through.
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