A host of positive news over the weekend has helped pause further price crash for Dogecoin.
They have also inspired a bullish momentum that helped its prices jump 4% in the last 24 hours to scale above $0.17.
Monday, March. 24: Dogecoin started the new week on a high after DOGE prices shot up by more than 4% over the last 24 hours.
The value gain, though small, is significant as it helped put stop to Dogecoin from bleeding further.
But even more importantly, it helped DOGE crawl its way back to the psychological support of $0.17 after
The value gain was in line with a slight rebound of the larger crypto market which saw the industry market cap increase by 3% to reach $2.86 Trillion.
Top altcoins Bitcoin and Ethereum also rallied by almost similar margins, which helped BTC climb above $87K while ETH rose above the $2k price level.
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Why is Dogecoin Up Today?
The buildup to today’s price jump started late last week when the SEC clarified that proof-of-work projects are not securities.
This implies that the regulatory agency won’t come after these digital assets accusing them of being unregistered securities as it has accused the likes of XRP.
In addition to the regulatory clarity, the GOAT Network introduced a new high-yield initiative that targets Bitcoin and Dogecoin investors.
The initiative involves accommodating DOGE and BTC deposits to its decentralized proof-of-stake network and allowing investors to earn sustainable yields from mining rewards and transition fees.
When Will DOGE Reach $2?
Unfortunately, on-chain analysis indicates that there isn’t enough buying pressure to help catapult DOGE to the key resistance level of $0.2.
In fact, a closer look at the industry reveals that its price is going up not due to because of on-chain factors like bullish but because of a cross-industry bullish sentiment.
On the daily timeframe, Dogecoin has been gaining bullish momentum. Its RSI is at 44.30, indicating that it’s recovering from oversold levels but is still below the 50 mark. The MACD line (blue) is crossing above the signal line (orange), which is a bullish crossover.
These two indicators suggest that positive momentum is building, but the histogram is still weak, meaning the strength of the trend is uncertain as there isn’t enough momentum to trigger a fully-fledged bullish reversal.
Should You Buy DOGE Today?
Based on the recent price trend of DOGE, Today’s price could be a great opportunity to buy. Several analysts predict the price could exceed $2 by the end of 2025.
Key figures supporting DOGE such as Elon Musk, who has more influence than ever to ties with current US president Donald Trump could further influence bullish momentum for DOGE.
