Current positive factors by DOGE place the token to probably surpass Avalanche (AVAX) in market capitalization. At current, Dogecoin boasts a market cap of $11.32 billion, securing the tenth spot, whereas Avalanche holds the ninth place with a market cap of $11.74 billion, a distinction of $420 million.
Dogecoin is striving to reclaim its place after dropping floor to AVAX in December. Contemplating the market cap distinction between the 2, consideration is concentrated on DOGE’s potential to maintain shopping for strain and probably flip AVAX.
Dogecoin worth prediction
Analyzing the value of DOGE reveals that the token has traded in a slim vary between $0.70 and $0.08 in latest weeks, indicating a consolidation part the place each bulls and bears await a catalyst to interrupt the stalemate.
Notably, Dogecoin has confronted hurdles within the early days of 2024, and its efficiency above the $0.07 mark is essential for initiating a rally that might see the token probably surpass AVAX.
If Dogecoin manages to ascend past the $0.080 mark, there’s potential for the cryptocurrency to purpose for larger milestones, presumably reaching $0.09 and even approaching the $0.1 mark after overcoming the $0.085 resistance. On the identical time, a correction might see Dogecoin dropping under $0.07.
Whereas Dogecoin has usually adopted the general market pattern in latest months, bullish sentiment might be validated by exterior components, significantly the affect of Tesla (NASDAQ: TSLA) CEO Elon Musk, a outstanding token supporter.
The highlight on Dogecoin has intensified after X (previously Twitter) launched a devoted ‘X Funds’ account, probably increasing the token’s use circumstances. The ensuing rally, pushed by X’s curiosity, has positioned DOGE among the many high altcoins.
Constructive sentiments like these will possible generate extra curiosity in DOGE, probably rising its market worth and paving the way in which to surpass AVAX.
Dogecoin worth evaluation
By press time, DOGE was buying and selling at $0.08, marking a every day improve of three%, with a 3.6% achieve on the weekly chart.
Technical indicators current an unfavorable outlook for the DOGE worth, with the abstract leaning in direction of a ‘promote’ sign at 11. Moving averages align with a ‘sturdy promote’ suggestion at 11, whereas oscillators lean in direction of a ‘purchase’ sign at 2.
Finally, the opportunity of Dogecoin flipping Avalanche in market cap will rely upon a number of key components, together with the meme coin’s potential to maintain its bullish momentum. Provided that each cryptocurrencies have not too long ago traded in tandem with the overall market, Dogecoin may also require a sustained increase from Musk-related developments.
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