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Dogecoin (DOGE) price witnessed a roller-coaster movement in the first week of April. A new correction in the cryptocurrency started at $0.228, triggering a 25% drop to $0.167 before returning to the $0.2 level. The pullback in Bitcoin (BTC) just days before the halving event could support DOGE’s price to renew its recovery trend.
Dogecoin’s Rising Trend
The mid-term outlook for Dogecoin is optimistic, as indicated by the rising trend line on the daily chart. This trend line has acted as a reliable support during market corrections, signaling a solid recovery trend. Following a recent correction, the DOGE price found support at $0.17 and then surged 20% to reach $0.2. This movement overcame the key resistance level of $0.196, setting the stage for further recovery.
At the time of writing, Dogecoin’s current market value is moving at $28.9 billion, maintaining its position among the top 10 cryptocurrencies. If the upward momentum continues, Dogecoin’s price could see a 14% increase to a target of $0.228. Successfully breaking through this level would further confirm the uptrend and could extend the recovery to $0.271 and then to $0.3.
Current State of Meme Tokens
As long as the rising trend line is not broken, Dogecoin’s recovery trend is expected to continue. IntoTheBlock highlighted significant growth in the meme cryptocurrency market in a recent analytical tweet, noting that the total value tripled impressively in 2024.
Among the notable performers, Dogecoin (DOGE) doubled in price, while Shiba Inu (SHIB) saw a 2.5-fold increase. PepeCoin quintupled in value, showing an even more surprising surge. This collective volatility could signal a strong cryptocurrency season, pushing the market capitalization of the sector over $56 billion.
