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Dogecoin Price Prediction – Could DOGE Can Pump Past $0.20 This Week?

Dogecoin Price
Dogecoin Price

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Dogecoin (DOGE) has been among the largest gainers over the past week. The meme coin has reported weekly gains of over 110%. In the last 24 hours, DOGE has gained by 6.7%, trading at $0.136 at the time of writing.

Dogecoin price analysis

DOGE has been outperforming the broader market in the last week. The explosive gains made by the meme coin have enabled its market cap to flip Solana and Cardano. DOGE is now the eighth largest cryptocurrency with over in $18.63 billion market capitalization.

The gains have allowed DOGE to recover some of its yearly losses, which is currently down 49% year-to-date. If the buying pressure is sustained, DOGE could likely rally to $0.20 before targeting $0.45.

Dogecoin price analysis

The technical indicators currently point to DOGE being in a bearish trend. The Relative Strength Index (RSI) at 37 points to DOGE leaning to the oversold side, which could be attributed to short-term traders taking profits.

On the other hand, the Moving Average Convergence Divergence (MACD) line has dropped below the signal line, which is also bearish. These indicators could also point to a trend reversal, and we could likely see DOGE rallying higher after weak hands have finished selling. Therefore, a rally to $20 is likely.

The Dogecoin community is excited about Elon Musk’s Twitter purchase. Musk has now announced plans to have Twitter users pay $8 monthly for their verification badges. As Musk had earlier hinted at allowing DOGE payments on Twitter, the $8 payment will likely be made in DOGE.

However, Binance, which has a $500 million stake in Twitter, has opined that payments be supported in multiple cryptocurrencies. Therefore, the crypto payments option could also be bullish for multiple cryptocurrencies.

Three altcoins to consider buying today

As Dogecoin’s volatility spikes, you might consider diversifying your portfolio by investing in some of the most promising presales of 2022.

One of these presales is Dash 2 Trade. Dash 2 Trade is a project providing trading signals to crypto traders to help them improve their investment decisions. The Dash 2 Trade presale has raised more than $4 million in barely two weeks since it started.

You might also consider investing in the IMPT presale. IMPT is the native token for the IMPT.io project that seeks to lower carbon emissions by individuals and companies. The IMPT presale has already raised more than $11.9 million.

Calvaria (RIA) could also be the next token to explode, given the interest its presale has attracted. Calvaria is a play-to-earn game attracting both crypto and non-crypto players. The RIA presale is in stage three and has raised more than 1.1 million USDT.

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