Bittime – Thecryptois being revived byDogecoin (DOGE), whose price has jumped 20% in the last week. What are the triggers for this DOGE price increase? The following is a complete explanation.
DOGE Price Increase Factors
This increase was triggered by several factors, namely:
1. Menjelang "Doge Day"
April 20 is known as "Doge Day" by Dogecoin fans. Usually on this day, DOGE supporters will hold various activities to increase the value of this coin.
2. Launch of Dogecoin Futures Contract on Coinbase
The Dogecoin futures trading option on Coinbase also fueled investor optimism about DOGE.
3. Resurgence Memecoin
The increase in DOGE also raised the popularity of other memecoins such as Dogwifhat (WIF) , Book of Meme (BOME) , Pepe (PEPE) , and Slerf (SLERF) .
Check Today's Crypto Market:
Level Support DOGE
Technical analysts are watching DOGE's movements closely. The support levels for DOGE are currently in the range of 0.081 cents and 0.094 cents. This area is a crucial point where buying can potentially increase to prevent further price declines.
Additionally, a significant support level is observed around $0.10, with no nearby resistance barriers. This indicates the potential for DOGE price stabilization.
If DOGE manages to break through the 0.10 dollar level, resistance areas to pay attention to include:
- Price 1 Standard Deviation Resistance: 0.229990
- 52 Week High: 0.228323
- 13 Week High: 0.228323
- 1 Month High: 0.228323
This information is useful for traders and investors to understand the dynamic movement of DOGE in the crypto market.
Doge Day: A Celebration of the Legendary Memecoin
On April 20, "Doge Day" will be held, which is an important day for DOGE fans. They will come together to promote and increase the value of this coin through various means, one of which is by buying and holding DOGE.
The election of April 20 ("420") itself has special meaning for the crypto community, which is often associated with marijuana culture. This date adds a unique element and cultural relevance to Dogecoin.
The crypto community's efforts to make Dogecoin a legal transaction and investment asset have not only attracted the interest of retail investors but also institutions. This shows DOGE's potential to shed its image as a mere memecoin.
Analyst Warns Investors: Doge Remains King, New Memecoin May FOMO
A well-known crypto analyst warns investors against getting distracted by new memecoins. He believes that DOGE, as a pioneering memecoin, has the potential to experience a large price spike based on technical indicators.
The analyst, known as Ali on
Ali's technical analysis shows the similarity of the current DOGE price movement pattern with the pattern that occurred in the 2018-2021 period. If the pattern repeats itself, Ali warned that "DOGE may be at the start of a massive parabolic price spike phase."
The term “parabolic price spike” refers to a very sharp and rapid price increase, often triggered by speculative trading activity.
Dogecoin itself experienced a similar parabolic surge in early 2021, where its price skyrocketed more than 15,000% from under one cent to reach an all-time high of around 74 cents. This explosive movement succeeded in attracting public attention and sparked a memecoin trend at that time.
Also Read: Business with Dogecoin (DOGE): This is the List of Companies that Accept DOGE!
FOMO vs. Analysis: Beware the Temptation of New Memecoins
Although the analyst is optimistic about the future of DOGE, it is important to be careful of the FOMO (Fear Of Missing Out) trap when seeing a spike in the price of a new memecoin.
1. Hype vs. Hype Reality
New memecoins often rely on hype and a strong community to drive up their price. However, they don't necessarily have the utility or solid technology to support their prices in the long term.
2. Higher Risk
New memecoins tend to have lower liquidity than DOGE. This means their prices are more volatile and pose a higher risk for investors.
3. Research Is Key
Before investing in a new memecoin, do in-depth research. Learn about the development team, the technology they use, and their future development plans.
Dogecoin: A Pioneer with Potential
Dogecoin, as a well-known memecoin, has several advantages:
1. Strong Community
DOGE has a solid and active community base, which can drive the growth and adoption of this coin.
2. Wide Brand Recognition
Dogecoin is widely known by the general public, even outside the crypto community.
3. Evolving Utilities
DOGE developers are constantly working to improve the coin's utility, for example by making it accepted as a means of payment by certain businesses.
Also Read How to Buy Crypto:
Conclusion: Smart Investment
Both Dogecoin and new memecoins have opportunities and risks. Conduct careful research and analysis before making an investment decision. Don't just get carried away by euphoria and FOMO. With a smart investment strategy, you can take advantage of the opportunities offered by the crypto world, including the potential for future increases in the price of Dogecoin.
The recent rise in the price of Dogecoin, coupled with the “Doge Day” factor and the launch of futures contracts, is an indication of investor optimism towards DOGE. Technical analysis also shows the potential for a significant price spike. It will be interesting to see whether Dogecoin succeeds in becoming the king of memecoins again, or whether it is rivaled by newcomers.
How to Buy Dogecoin (DOGE) on Bittime
You can buy and sell Dogecoin (DOGE) in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Dogecoin (DOGE) is available on Bittime with the market pair DOGE/IDR . To be able to buy DOGE IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Dogecoin (DOGE) on Bittime .
Monitor price chart movements of Dogecoin (DOGE) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER : This article is informational and is not an offer or solicitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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