DOGE Price Increases by 170% in Less Than 2 Months

FXOpen

On February 1, 2024, the DOGE/USD rate was = 0.0783. On the last Friday of March, it rose to 0.2150. The rising price means Dogecoin is now the eighth-largest cryptocurrency in the world by market capitalization, overtaking Cardano (ADA) and Avalanche (AVAX) in recent days.

The reason for the positive sentiment is the support of the token from Elon Musk.

As the Independent writes:
→ Rumors have intensified that Elon will integrate DOGE into his social network X (Twitter), which he planned to make “an app for everything.” Musk's other companies, SpaceX and Tesla, already support payments in Dogecoin.
→ According to Elon, Dogecoin has the potential to become the main online currency due to its ease of use and efficiency.
→ The billionaire also said that DOGE could become the official currency on Mars if SpaceX can establish a permanent human colony there.
→ The price of DOGE/USD is also supported by the general bullish trend in the cryptocurrency market.

The DOGE/USD chart shows that:
→ the price moves within an uptrend (shown in blue);
→ the price of Dogecoin has overcome the psychological level of $0.2 per coin;
→ the price is near the upper border of the channel - the price action on March 28-29 can be interpreted as an attempt to break through this resistance.

But will this attempt be successful? The RSI indicator may form a bearish divergence - a warning about a possible correction. It is possible that long holders will want to take profits after the impressive growth, which will put pressure on the Dogecoin price, returning it closer to the channel median line.

FXOpen offers the world's most popular cryptocurrency CFDs*, including Bitcoin and Ethereum. Floating spreads, 1:2 leverage — at your service. Open your trading account now or learn more about crypto CFD trading with FXOpen.

*At FXOpen UK and FXOpen AU, Cryptocurrency CFDs are only available for trading by those clients categorised as Professional clients under FCA Rules and Professional clients under ASIC Rules respectively. They are not available for trading by Retail clients.

This article represents the opinion of the Companies operating under the FXOpen brand only. It is not to be construed as an offer, solicitation, or recommendation with respect to products and services provided by the Companies operating under the FXOpen brand, nor is it to be considered financial advice.

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