Dogecoin (DOGE) has registered big rises over the last few weeks. The original memecoin is up 39.1% over the weekly charts, 57.2% in the 14-day charts, 71.7% over the previous month, and 93.8% since July 2024. Despite the rally, DOGE has faced a 1.3% correction in the last 24 hours. DOGE’s rally comes amid China-based Bit Origin’s purchase announcement of $9.9 million worth of the memecoin.
Will DOGE Continue Its Rally?
Over the last two weeks, the cryptocurrency market witnessed one of its most significant rallies in recent times. Bitcoin (BTC) and XRP have hit new all-time highs. Most other altcoins also registered big gains. The global crypto market cap also breached the $4 trillion mark for the very first time last week. DOGE and other memecoin also followed the market upswing.
DOGE’s rally may have been due to the general bullish market environment. Bit Origin’s $9.9 million DOGE purchase may have further boosted investor sentiment. The purchase is part of the company’s digital asset treasury strategy.
Dogecoin (DOGE) could continue to rise over the coming days if investor sentiment remains strong. BTC’s fear and greed sentiment is still pointing towards “Greed.” The bullish outlook could take DOGE to the $0.30 mark.
Also Read: New Dogecoin (DOGE) Forecast Reveals Breakout Potential in 2025
There is also a possibility that the market will face a correction as investors book profits. BTC registered a dip on Tuesday, July 22, after market participants began to take out profits. DOGE could see a further price dip if fresh volatility enters the market.
How the crypto market moves over the next few days is very uncertain. Many analysts have highlighted a supply gap for BTC around $110,000. There is a possibility that the original cryptocurrency will fall to the $110,000 mark over the coming days. BTC slipping to $110,000 could trigger a market-wide sell-off. Such a scenario could hamper Dogecoin’s recent rise. The memecoin could fall below $0.20 if BTC registered a downtrend.
Credit: Source link
