Dogecoin Gains Momentum, Aims to Surpass Avalanche in Market Cap
Meme cryptocurrency Dogecoin (DOGE) is currently benefiting from short-term buying pressure, taking advantage of the overall market’s attempt to recover from a recent bearish period. As a result, DOGE has the potential to surpass Avalanche (AVAX) in terms of market capitalization. Currently, Dogecoin holds the 10th spot with a market cap of $11.32 billion, while Avalanche sits at 9th place with a market cap of $11.74 billion.
After losing ground to AVAX in December, Dogecoin is striving to reclaim its position. The attention is now on DOGE’s ability to sustain buying pressure and potentially overtake AVAX.
Dogecoin Price Prediction
Looking at the price of DOGE, the token has been trading within a narrow range of $0.70 and $0.08 in recent weeks, indicating a consolidation phase where both bulls and bears await a catalyst for a breakout.
If Dogecoin manages to rise above the $0.080 mark, there is potential for the cryptocurrency to aim for higher milestones, such as reaching $0.09 and even approaching $0.1 after overcoming the $0.085 resistance level. However, a correction could push Dogecoin below $0.07.
Bullish sentiment surrounding Dogecoin could be validated by external factors, particularly Elon Musk’s influence as a prominent supporter of the token. Additionally, X (formerly Twitter) launching a dedicated ‘X Payments’ account has further increased the spotlight on Dogecoin and expanded its use cases.
Positive sentiments like these are likely to generate more interest in DOGE, potentially increasing its market value and paving the way to surpass AVAX.
Dogecoin Price Analysis
At the moment, DOGE is trading at $0.08, indicating a daily increase of 3% and a 3.6% gain on the weekly chart.
Technical indicators present an unfavorable outlook for the DOGE price, with moving averages aligning with a ‘strong sell’ recommendation. However, oscillators lean towards a ‘buy’ signal.
The possibility of Dogecoin surpassing Avalanche in market cap will depend on various factors, including its ability to sustain bullish momentum and receive continued support from Elon Musk-related developments.
Hot Take: Dogecoin’s Path to Surpassing Avalanche
Dogecoin is currently capitalizing on short-term buying pressure and has the potential to overtake Avalanche in terms of market capitalization. To achieve this, DOGE needs to sustain its bullish momentum and benefit from Elon Musk’s influence as a prominent supporter of the token. Positive developments like X launching a dedicated ‘X Payments’ account have further boosted interest in Dogecoin. However, technical indicators present some challenges for DOGE’s price outlook. Nonetheless, if Dogecoin manages to overcome these obstacles and maintain its positive sentiment, it could pave the way for surpassing Avalanche and reaching higher milestones in terms of market value.
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