Dogecoin Sets Sights on $1.27: Can It Surpass Its 2021 Market High?
- Crypto trdr Jibrh prdicts Dogecoin could rch n mbitious pric of $1.27.
- Dogecoins infltionry supply modl rquirs mrkt cp of pproximtly $179 billion to chiv $1.27.
- Currnt trding t $0.10925 shows short-trm bullish sntimnt with potntil trgts t $0.112 nd $0.128.
Dogecoin (DOGE), th cryptocurrncy tht gind mssiv ttntion during its 2021 surg, hs onc gin sprkd convrstions bout its futur potntil. A notbl prdiction from th psudonymous trdr Crypto Jibrh suggsts tht DOGE could ris to n mbitious pric of $1.27. Howvr, this potntil pric hik dpnds on svrl ky fctors tht impct th cryptocurrncys pric dynmics.
Key Factors Influencing Dogecoins Price
Unlik Bitcoins cppd supply, Dogecoin oprts on n infltionry modl, with n stimtd 5 billion DOGE ddd nnully through mining. This vr-growing supply dirctly impcts pric dynmics. Th mor coins in circultion, th mor cpitl rquird to driv th pric up. Currntly, th cryptocurrncy bosts circulting supply of round 141 billion coins. To rch $1.27, it would rquir mrkt cp of pproximtly $179.07 billion.
For prspctiv, Dogecoins mrkt cp pkd t nrly $88 billion in lt 2021, fuld primrily by socil mdi frnzy nd ndorsmnts from high-profil figurs lik Elon Musk. To rch th $1.27 mrk, DOGE must surpss this pk by significnt mrgin, nrly doubling its highst mrkt vlution.
Rching $179 billion mrkt cp would propl Dogecoin to th rnks of th crypto gints by mrkt cp, currntly plcing it clos to Ethrums lvl (s of 2023). Howvr, chiving such monumntl jump ncssitts cpturing significnt shr of th totl crypto mrkt. This is unlikly without significnt mrkt shifts or dvncmnts within th Dogecoin cosystm.
Whil rching $1.27 is mbitious, it is not ntirly out of rch. Jibrh pointd out tht fvorbl mrkt conditions, brodr cryptocurrncy doption, nd potntil upgrds to th ntwork could contribut to its growth. Additionlly, ndorsmnts from influntil figurs lik Elon Musk or innovtiv us css for DOGE could triggr surg in invstor intrst nd dmnd.
Short-Term Outlook for Dogecoin
At th tim of writing, Dogecoin is trding t $0.109, rflcting gin of 2.02% ovr th pst 24 hours. This uptick coincids with pric mov bov th 50-dy Exponntil Moving Avrg (EMA) of $0.108. This lvl hs bn tstd multipl tims in rcnt trding sssions, nd th mov bov it suggsts tht Dogecoin could continu to ris.
If DOGE mngs to mintin this position bov th 50-dy EMA, th nxt trgt could b th 100-dy EMA t $0.11282. A succssful brch of this lvl might propl DOGE towrds highr rsistnc zon of $0.128, significnt upsid trgt in th mdium trm.
Convrsly, filur to hold bov th 50-dy EMA could ld to pullbck, potntilly tsting lowr support lvls t $0.104 or vn $0.09. Ths lvls hv prviously ctd s strong support zons, nd th pric my consolidt round ths points if slling prssur intnsifis.
Th Rltiv Strngth Indx (RSI) currntly sits t 50.32, signifying nutrl momntum. This suggsts tht th mrkt is in blncd stt without ny immdit ovrbought or ovrsold conditions. A rising RSI could indict strngthning bullish trnd, whil dip blow th midlin might signl growing brish sntimnt.
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Read more: https://www.tronweekly.com/dogecoin-can-surpass-its-2021-market-high/
Text source: TronWeekly
