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Highlights
- Dogecoin price is surging but questions over its long-term outlook remain.
- The dog-themed token is riding the wave of a Dogecoin ETP by 21Shares.
- Dogecoin has been roiling under a slew on unsavory fundamentals and technicals.
Dogecoin price has gained over 10% in the last 24 hours as investors scan the horizons for signals of a long-term rally. While short-term price movement is positive, Dogecoin languishes at 80% below its all-time high but one analyst thinks a rebound is in the offing
Dogecoin Price Can Set A New All-Time High
Dogecoin price has surged by 10.30% over the last day after a shoddy showing over the previous seven days. The sudden resurgence in prices comes amid a slew of macroeconomic uncertainties nevertheless, the surge is stoking enthusiasm that DOGE can set a new all-time high.
Cryptocurrency analyst Master Kenobi revealed on X that the bottom is in for DOGE and a rally is in the offing for the asset. He opines that Dogecoin price will surpass $0.73 in the coming months hinting at a push to $1. The predicted price movement will see DOGE surpass the previous ATH that it set in 2021.
“It’s only upward from here,” said Master Kenobi. “A new ATH for DOGE by early June.”
Despite trading at 80% less than its ATH, Dogecoin’s price has several positives going for it. For starters, a Dogecoin ETP by 21Shares and House of Doge is in the works and could send prices on a strong rally. Furthermore, Dogecoin has weathered reports of Elon Musk leaving DOGE to reach what analysts like Master Kenobi are calling the bottom.
A Bounce Back Will Face A Series Of Bumps
While there is consensus for a Dogecoin price rally, several factors are standing in the way of a bounce back. First, Dogecoin whales have dumped 1.3 billion DOGE sparking worries of concerted sell pressure from heavy hitters.
Furthermore, the DOGE transaction count has taken a major hit, dropping by 94% over the last month. The transaction count decline is stoking fears of a steep plunge in Dogecoin price as demand for the memecoin reaches an all-time low.
Bitcoin’s price crashes continue to have a negative impact on DOGE with top crypto dragging other altcoins underwater. The broader macroeconomic uncertainty is poised to affect cryptocurrency prices with China and the EU announcing retaliatory tariffs against the US. To post a new all-time high, DOGE will have to pick itself gingerly through a minefield of unsavory fundamentals and on-chain data.
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