With a $900 Million Surge in Trading Volume, Is It Possible for DOGE to Reach $1 in 2021?
Dogecoin, the original meme coin, has seen a $900 million trading volume boom and could potentially reach the $1 mark this year. The current price of Dogecoin is standing firm at $0.799, with a 9% drop over the past week. However, the trading volume has risen from $400 million a few days ago, indicating a possible price recovery in the works. Data from Trading View shows that a recovery is not too far away, with the 30-day moving average rising above the 200-day average, proceeding the Golden Cross pattern, which often indicates a rally. DOGE’s relative strength index is rising toward 50, indicating a possible recovery following the past several days’ losses as the support level is holding firm. The increased trading volume only adds validity to the potential rally, as rallies earlier in April included one run towards $0.10, following similar trading volume spikes. However, Dogecoin whales are not firmly cementing whether or not a game-changing rally could arrive soon. Additionally, the Elon Musk effect must be factored in as the Dogecoin community has consistently been connected to the actions of the Twitter CEO and how they affect the token. As the volatility of the coin seems to be rising, a rally toward the $1 mark is not entirely out of the question.