Here’s Why Today Is Important To Dogecoin And Price Could Rally In Response
Dogecoin is in focus today, as it happens to be an important day for the foremost meme coin. Given the amount of attention it is set to gain today, DOGE could experience a significant rally.
Dogecoin Turns 11 And Could Enjoy A Milestone Rally
Dogecoin turns 11 today. The meme coin was launched on December 6, 2013, by Billy Markus and Jackson Palmer. DOGE was created as a “joke” and parody of Bitcoin but has become one of the largest cryptos by market cap. Meanwhile, Dogecoin is only just behind as the second-largest proof-of-work (PoW) blockchain by market cap.
To celebrate its eleventh birthday, DOGE could witness a significant rally today as market participants focus on the foremost meme coin. Crypto analyst Master Kenobi also suggested that DOGE could record a price surge today. Interestingly, based on his recent analysis, Dogecoin is well primed for its next leg up, having consolidated for around 25 days after its first bull phase, just like in the 2021 bull run.
Therefore, Dogecoin’s birthday could be the catalyst for the next price breakout. Master Kenobi predicted that DOGE could reach $1 on its next leg up and rally to as high as $2.9, depending on how parabolic the pump is. Meanwhile, crypto analyst Kevin Capital predicts that the next rally could pave the way for Dogecoin to reach the macro golden pocket between $3.8 and $4.
Coincidentally, ahead of Dogecoin’s birthday today, Elon Musk and Vivek Ramaswamy, who lead DOGE, a government initiative named after the meme coin, had spoken to congress members yesterday about their plans for the Department. Musk and Ramaswamy are forging ahead with their plans for DOGE, which indirectly provides a bullish outlook for DOGE.
The DOGE department was one of the factors that contributed to the first phase of the Dogecoin bull run, which began in October. Musk indirectly shilled the meme coin through the DOGE initiative in the build-up to the US presidential elections, which led to significant rallies for the foremost meme coin.
DOGE Is Ready For Another Bull Rally
Crypto analyst Captain Faibik also confirmed that Dogecoin is ready for another bullish rally. The analyst’s accompanying chart showed that DOGE could rally to as high as $0.68 on this next leg up before it possibly reaches the other targets, which other crypto analysts like Master Kenobi and Kevin Capital.
Crypto analyst Jacob Canfield also suggested that DOGE was well primed for that next leg up, stating that DOGE should be let loose. His accompanying chart showed that the meme coin was ready to break out from a symmetrical triangle. The analyst had also recently mentioned that DOGE was trading similarly to XRP, indicating that it could witness a similar rally to the one the latter recorded these last few weeks.
At the time of writing, the Dogecoin price is trading at around $0.43, down over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image created with Dall.E, chart from Tradingview.com
