Dogecoin, the popular meme cryptocurrency, experienced a strong rally over the weekend, outperforming its major crypto counterparts. The digital currency rose by 9.82% to $0.087093 on Sunday, and it has seen a 4.20% increase over the past seven days.
Last week, Dogecoin started the week at $0.079978 and saw gains on Monday and Tuesday, closing both sessions at $0.081+ levels. However, it pulled back over the next two sessions and fell to an intraday low of $0.075152 on Friday. Despite the setback, it managed to recover and closed the session higher at $0.078536.
The real surge for Dogecoin came on Saturday when it came close to breaching the $0.09 mark during intra-day trading. It reached a high of $0.089998 before closing 11.9% higher at $0.087888.
This recent rally is significant, considering Dogecoin’s longer-term trend. After reaching its peak at $0.737567 on May 8, 2021, the cryptocurrency experienced a downward move for about a year. It has since been consolidating and has mostly remained under $0.10. However, in October 2022, it broke free from this range and rallied to as high as $0.125177 on November 1, 2022.
Analysts believe that a break above the long-term support level around $0.11 could potentially trigger a sustained rally for Dogecoin.
The surge in Dogecoin’s value coincides with the launch of a dedicated payments account on the Elon Musk-owned social media platform X. This led to speculation that Musk is making a move into blockchain-based payments. It is no secret that Musk has shown a preference for Dogecoin over even Bitcoin, and he has publicly talked up the meme cryptocurrency on multiple occasions.
The recent rally in Dogecoin has sparked excitement among investors and crypto enthusiasts. Some analysts even predict that it could “blast off to the moon” with a price target of $5. However, it’s important to note that the cryptocurrency market is highly volatile, and investors should exercise caution when making investment decisions.
Overall, Dogecoin’s recent rally showcases its resilience and growing popularity in the crypto market. Whether it can sustain this momentum and continue to outperform its counterparts remains to be seen.
