Dogecoin

Terra

Shiba Inu

Dogecoin (DOGE), the popular meme-coin, has experienced an impressive 94% recovery from its low of $0.0491 in June 2022, currently trading at around $0.0942. Despite this significant rebound, the cryptocurrency is still 88% below its all-time high of $0.76 set in May 2021.
The <a href="https://crypto.ro/en/cryptocurrencies/dogecoin/">DOGE</a>/USD pair has yet to establish a decisive bullish reversal on longer timeframes, leaving investors wondering whether a more substantial recovery is on the horizon.
<figure id="attachment_21018" aria-describedby="caption-attachment-21018" style="width: 2560px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21018 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-scaled.webp" alt="DOGEUSD three day price char scaled" width="2560" height="1375" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-scaled.webp 2560w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-300x161.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-1024x550.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-768x412.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-1536x825.webp 1536w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-2048x1100.webp 2048w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-750x403.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-three-day-price-char-1140x612.webp 1140w" sizes="(max-width: 2560px) 100vw, 2560px" title="Dogecoin bounces back by 94% from its low, but is still 88% below its ATH 1"><figcaption id="caption-attachment-21018" class="wp-caption-text">DOGE/USD three-day price chart | TradingView</figcaption></figure>
Dogecoin&#8217;s rise in 2021 was primarily fueled by Tesla CEO Elon Musk&#8217;s vocal support. However, the DOGE/USD price peaked after Musk referred to the cryptocurrency as a &#8220;hustle&#8221; during his appearance on Saturday Night Live in May 2021.
The impact of Musk&#8217;s comment was amplified by the prospect of the Fed&#8217;s tightening, which eventually led to actual interest rate cuts in 2022 and 2023.
Furthermore, DOGE was dealt a big blow by <a href="https://crypto.ro/en/news/crypto-market-declines-as-concerns-over-silvergate-bank-spread/">the collapse of several major crypto firms</a> including <a href="https://crypto.ro/en/cryptocurrencies/terra-luna-2/">Terra (LUNA)</a>, Three Arrow Capital, and FTX. These events contributed to the selloff of DOGE, sending the cryptocurrency into a prolonged bearish cycle.
In October 2022, Dogecoin&#8217;s price doubled, coinciding with Musk&#8217;s controversial takeover of Twitter. Investors hoped that DOGE would become the social media platform&#8217;s official payment token.
Despite <a href="https://crypto.ro/en/news/elon-musks-favorite-cryptocurrency-takes-a-hit-after-twitter-logo-change/">Musk temporarily replacing Twitter&#8217;s bluebird logo with Dogecoin&#8217;s Shiba Inu mascot</a> earlier this month, that fueled a 40% rally in DOGE&#8217;s price, the platform has yet to implement DOGE payments, leaving the cryptocurrency&#8217;s future uncertain.
To reach its all-time high again, Dogecoin would need to rise by 700%, which may only happen if it sees broader adoption, such as becoming a payment option on Twitter.
From a technical perspective, Dogecoin&#8217;s bullish reversal will depend on maintaining support above two key weekly exponential moving averages (EMA) &#8211; the 50-week EMA at $0.0917 and the 200-week EMA at $0.0895.
<figure id="attachment_21019" aria-describedby="caption-attachment-21019" style="width: 2560px" class="wp-caption alignnone"><img decoding="async" class="wp-image-21019 size-full" src="https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-scaled.webp" alt="DOGEUSD weekly price chart scaled" width="2560" height="1375" srcset="https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-scaled.webp 2560w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-300x161.webp 300w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-1024x550.webp 1024w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-768x412.webp 768w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-1536x825.webp 1536w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-2048x1100.webp 2048w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-750x403.webp 750w, https://crypto.ro/en/wp-content/uploads/2023/04/DOGEUSD-weekly-price-chart-1140x612.webp 1140w" sizes="(max-width: 2560px) 100vw, 2560px" title="Dogecoin bounces back by 94% from its low, but is still 88% below its ATH 2"><figcaption id="caption-attachment-21019" class="wp-caption-text">DOGE/USD weekly price chart | TradingView</figcaption></figure>
While a similar 30,000% price rally like the one seen in 2020-2021 may not occur in 2023, positive catalysts such as a reversal of the Fed&#8217;s interest rate policy or the addition of Dogecoin payments on Twitter could propel DOGE toward its record high of $0.76 this year.
However, if Dogecoin fails to hold its key EMA levels, it risks triggering a bearish continuation pattern known as the ascending triangle. This would indicate a potential drop in price, with year-end price targets falling between $0.0363 and $0.0469, representing a 45-60% decrease from current levels.

Dogecoin bounces back by 94% from its low, but is still 88% below its ATH

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