Dogecoin Surges 7% as Traders See Pathway to $1 DOGE
In what has been an impressive rebound for the crypto, Dogecoin has surged as much as 7% in the last 24 hours as traders are beginning to see a pathway to a $1 DOGE. The leading meme coin has bounced back tremendously well from Monday’s market crash. Now eyeing significant gains this year.
Positive sentiment could be set to drive the asset the rest of the way. Specifically, DOGE’s continued connection to Elon Musk and his X platform have some investors dreaming big. The question is, can the asset be in a position to make the most of any incoming surge?
Also Read: Dogecoin Forecasted To Hit $2, Here’s When
DOGE to $1? Its Improbable Comeback Fuels Renewed Hope
At the start of the week, the meme coin sector was hit hard by a massive market crash. Yet, the recovery has been impressive. Among the best bouncebacks have been Dogecoin, which has surged as much as 7% and has reignited the $1 dream for DOGE holders.
The asset is currently trading at $0.10, and still down more than 9% in the last seven days, according to CoinMarketCap. Although the trading volume has dropped, DOGE’s market value has increased more than 6%, currently above $15.14 billion.
The token is set to confront a multi-year resistance zone between its current level and $0.09, which has been a strong support. Recent inflows have only strengthened that figure. Additionally, the relative strength index (RSI) has surpassed 50. That indicates a bullish shift poised to take place.
Also Read: Analysts Suggest Dogecoin Price Could Hit $2.55: Here’s When
Yet, outside factors could also provide momentum for a notable surge. One crypto trader named Byzantine General on X (formerly Twitter) discussed a potential implementation for the leading meme coin into the social media platform.
The platform launched an X Payments account on Thursday. That fact alone has seen DOGE and Floki Inu increase in value, but it could be just the beginning. “If Elon actually implements DOGE or other meme coins as payment methods then we’re gonna get the craziest dog coin (or general meme coin) season ever,” the user said.
That statement may be undeniable. Indeed, Musk has long been viewed as the dogefather. It does look like the integration could be on the table. However, he has recently denounced interest in the asset class. That could hamper potential DOGE use by the platform.
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