- Dogecoin price resumes uptrend, recovers from drop below $0.16.
- The Shiba-Inu-themed memecoin’s subreddit dominated Reddit, indicating a spike in social dominance.
- Analysts predict Dogecoin price rally, compare the memecoin’s trend with Ripple’s bull run in 2017.
Over 54% Dogecoin holders are profitable as of December 2021. The memecoin has experienced a recovery since Tesla’s acceptance of Dogecoin as a payment method. The Dogecoin subreddit was one of the most popular ones in 2021.
Dogecoin price prepares for comeback in 2022
Based on data from crypto intelligence platform IntoTheBlock, 54% of Dogecoin holders have remained in profit over the past month. The memecoin has posted a recovery from the drop below $0.16.
Elon Musk, the billionaire CEO of Tesla recently announced the acceptance of Dogecoin as a payment method for some of the firm’s merchandise. The 40% spike in Dogecoin price took the memecoin closer to its previous all-time high.
Interestingly, r/Dogecoin was the most popular subreddit, implying a spike in the memecoin’s social dominance.
Analysts have evaluated the Dogecoin price trend and predicted a bull run. Comparing Dogecoin’s price rally to Ripple’s bull run from 2017, analysts have drawn similarities between the two. Dogecoin price trend is similar to Ripple’s, when the altcoin hit its all-time high in the 2017 bull run.
@kingthies, a crypto analyst and trader has set a target of $0.19 for Dogecoin price. The analyst has listed resistances at $0.191,$0.198, $0.203 and $.0223. The analyst is eyeing Dogecoin’s price in the range of $0.15 to $0.19.
$DOGE @ $0.17 and bband squeeze in play on this 6H chart. Resistances for a move up will be $0.191,$0.198, $0.2033, $.02236. Supports @ $0.161, $0.167 if needed. pic.twitter.com/fUTdU2ABtB
— Crypto Thies (@kingthies) January 2, 2022
For the first time in the history of Dogecoin, developers published a roadmap for 2022 fueling a bullish narrative for the Shiba-Inu-themed cryptocurrency’s price.
FXStreet analysts believe that Dogecoin has set a bear trap to propel the memecoin’s price to $0.24, 41% rally from current price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Celebrity meme coins controversy continues amid Pump.fun revenue dominance
Pump.fun outperformed the Ethereum blockchain on Tuesday after raking in $1.99 million. Following this achievement, a meme coin based on actress Sydney Sweeney was the subject of controversy after its developers dumped their bags on investors.
PEPE's on-chain metrics indicate potential rally after weeks of silence
PEPE has struggled to see any significant price move after reaching an all-time high in May. Increased adoption rate and low MVRV ratio indicate a bullish run may be on the horizon. A single PEPE outflow from Binance worth $14.7 million gives credence to signs of bullish expectation.
Ethereum has failed to overcome key resistance despite bullish sentiment surrounding ETH ETF
Ethereum (ETH) is down more than 1.4% on Tuesday following another ETH sale from the Ethereum Foundation. Meanwhile, crypto exchange Gemini's recent report reveals that ETH ETF could see about $5 billion in net inflows within six months of launch.
Crypto community blasts Polkadot following report of treasury spending
Polkadot reports $87 million of treasury spending during H1. Crypto community members expressed harsh feelings toward the DOT team's high spending. DOT is up more than 2% in the past 24 hours but risks correction following the report.
Bitcoin: BTC price correction could end in July, according to seasonal data
Bitcoin (BTC) price appears poised for a decline this week, influenced by slight outflows in US spot ETFs, selling activity among BTC miners, and a combined transfer of 4,690.28 BTC to centralized exchanges by the US and German governments.