Dogecoin (DOGE), a popular meme cryptocurrency, is benefiting from the current market rally. Dogecoin managed to break through an important resistance level and is now eyeing the coveted $1 price. This surge saw Dogecoin catch up to XRP in terms of market capitalization. Currently, the gap between the two is about $4 billion, with XRP at $32.98 billion and DOGE at $29.98 billion. The question on everyone's mind: can Dogecoin surpass XRP's market cap?
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Can Dogecoin Surpass XRP?
Dogecoin Price Analysis According to TopCryptoNews
Crucial Support
Dogecoin is currently trading above the important support zone at $0.20 .
Maintaining this level could pave the way for a rise to $0.30 .
It should be noted, Dogecoin has doubled in price this year, indicating its potential to rally.
Source: TheCryptoNews Binance Account
Technical Hurdles
The price of $0.22 is a significant resistance level on the daily chart. Breaking through this hurdle could push DOGE to the psychological level of $0.30 .
Reaching this price point would likely push Dogecoin's market cap past $30 billion.
Source: TheCryptoNews Binance Account
Technical Analysis Support
Crypto analyst Rekt Capital suggests that Dogecoin is retesting the $0.20 level on the monthly timeframe.
Rekt Capital pointed out a recent price decline on the monthly chart, indicating a retest of the bull flag pattern on the weekly timeframe.
Despite these fluctuations, Rekt Capital believes Dogecoin is following an established plan, following technical patterns and key support zones.
More Than Price: Factors Affecting Dogecoin
Several factors beyond price influence Dogecoin's movements:
Widening Adoption
The widespread acceptance of Dogecoin as a payment method could fuel its growth.
The Power of Community
Dogecoin has a strong and vibrant community known for initiatives to raise the coin's profile.
Support from Important Figures
Continued support from prominent figures such as Tesla CEO Elon Musk could significantly impact the future of this token.
Dogecoin vs. XRP: Comparison of Two Crypto Assets
Here is a comparison between Dogecoin and XRP:
Market Momentum
Dogecoin has a history of rising prices following broader market trends, while XRP has largely stagnated despite its recent rally.
Dampak Halving Bitcoin
The upcoming Bitcoin halving, an event historically associated with bull markets, could significantly impact both coins.
Current Dogecoin (DOGE) Price
According to the Bittime exchange, currently 08/04/2024 the price of 1 DOGE to IDR is at IDR 3,318 and over the last 24 hours it has increased by +6.72%
Doubts from Skeptics
Despite the optimism, some people are still not convinced. They argue that Dogecoin's value is primarily driven by hype and speculation, without the strong fundamentals and technological advancements found in other cryptocurrencies such as XRP. Additionally, concerns about the long-term sustainability of Dogecoin's price rise remain, with some warning of potential volatility.
Will Dogecoin hit $1? Only time that can answer. However, one thing is clear: these meme coins are no longer a joke and their presence is increasingly being taken into account in the ever-expanding world of crypto assets.
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 in nature and is not an offer or invitation 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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