In early April, the Dogecoin (DOGE) market excited investors by exhibiting a volatile price chart. The price of DOGE dropped from $0.228 to $0.167, a decline that started in the first days of the month, indicating a depreciation of approximately 25%. However, after this correction, the price rose again to $0.2. This movement may present a recovery opportunity for DOGE as Bitcoin (BTC) approaches an important halving event.
Dogecoin’s Positive Journey
The ascending trend line on the daily charts supports Dogecoin’s positive medium-term outlook. This trend line acts as a strong support point in market corrections and suggests that DOGE is in a solid uptrend. After the recent correction, DOGE price made a low of $0.17 and reached $0.2, an increase of 20%. This supported the rise by surpassing $0.196, which is a key resistance point for further rises.
At the time of writing, Dogecoin’s market cap hovers around $28.9 billion and is among the ten largest coins in the cryptocurrency market. If this upward momentum continues, it is possible for Dogecoin price to increase by 14% and reach $0.228 in a short time. Breaking this level will indicate that the uptrend is strengthening and the price could rise to $0.271, perhaps as high as $0.3.
Current Status of Meme Tokens
According to a recent analysis from IntoTheBlock, the market cap of meme-based cryptocurrencies has seen significant growth. Especially in 2024, the total value in this area was seen to triple. Standouts like Dogecoin and Shiba Inu (SHIB) doubled in value, while others like PepeCoin attracted attention with a fivefold increase. This overall volatility pushes the total capitalization of the cryptocurrency market to over $56 billion, signaling a strong start to the crypto season.
