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The global crypto market started the new week with a significant uptrend, triggered by the news that the Securities and Exchange Commission (SEC) may approve the first-ever spot ETH ETF applications soon.
This development has spurred notable gains for the crypto king, Bitcoin and major altcoins like ETH, SOL, and even Dogecoin. In the past one day, Dogecoin has soared by close to 7% and currently shows promising signals of surpassing its $0.16 price benchmark for the first time since the start of the year.
How high can Dogecoin go amid the strong bullish momentum in the market? Our expert will answer this question in this price prediction article.
Dogecoin’s Ecosystem Development
While the rumor mill is running in the background and bulls are trying to hype DOGE up thanks to the recent interest, Dogecoin itself has been dabbling in some developments.
Recently, the Dogecoin community reacted massively to the news that the payment feature of X (formerly Twitter) is likely to launch soon.
Having quenched rumors about the possibility of introducing a native token, community members are optimistic that the meme coin could be integrated into the proposed payment system of the micro-blogging app due to the long-term admiration of Elon Musk for DOGE.
Similarly, in a tweet posted on February 10, Dogecoin announced the release of libdogecoin 0.1.3.
Libdogecoin is the foundational C library of Dogecoin whose 2024 development includes the introduction of Python and Go language bindings.
Other developments include RadioDoge to expand Dogecoin into areas with limited internet connectivity, which will likely increase more exposure for Dogecoin.
Dogecoin Price Prediction For MAY – Expert’s Look
Following the growing speculations about Ether ETF, investors and analysts are confident that DOGE could be on a bullish run. Crypto Daily Trade Signals through its X page stated that the leading meme coin is likely to hit a new resistance level of $0.17.
Another top analyst on X predicted that DOGE could pump soon, citing the impressive buy signals that the meme coin has been showing.
Renowned YouTube channel 99Bitcoins says if the sentiment in the market remains bullish, DOGE will likely attain a new all-time high.
Dogecoin Price Prediction – Technical Analysis
As per the present trading data, DOGE is priced at $0.1674, marking an increase of 10.79% over the last 24 hours. Emerging technical indicators illustrated how the Relative Strength Index (RSI) for DOGE presently sits at 56.83.
Don’t forget that the RSI estimates the extent of recent price differences to assess overbought or oversold conditions on a certain cryptocurrency. Any value above 50 implies a bullish run, indicating that the meme coin is attracting a moderate buying interest.
Likewise, the Moving Average Convergence Divergence (MACD) for DOGE is at 0.0009. MACD monitors trends to determine momentum indicators that reveal the relationship between two moving averages of an asset’s price.
That said, a positive MACD value indicates that a bullish run is gaining relevance, which signals a price rally. Above all, the recent price increase of DOGE, its trading volume, and the surge of its market cap demonstrate how investors are confident about investing in the meme coin.
Notably Don Alt, one of the most widely followed Twitter traders, thinks a $1 Dogecoin price prediction is possible.
Impact Of Ether ETF Rumors On The DOGE Price
There is an emerging bullish sentiment around the price of DOGE following the fresh buzz surrounding the approval of the Ether ETF. The news has triggered a significant rally for the meme coin, placing it on the verge of establishing a new resistance level of $0.17 in the next few days.
With the ongoing bullish run, DOGE is likely to edge closer to its all-time high of $0.7376. The amazing improvement in the price of BTC and Ether will trigger confidence and wider sentiment among investors, which will put tokens like DOGE on an upward trend.
While the trajectory for DOGE is rising, the possibility of the meme coin surpassing its all-time high is still subject to the approval of the Ether ETF.
The recent development about the approval of the Ether ETF indicates a cold relationship between the applicants and the United States Securities and Exchange Commission. The regulator is taking a cautious step to protect the interests of traders and investors.
More so, the SEC is committed to preventing traders and investors from losing money as they invest in the Ether ETF. The increase in the price of DOGE and other cryptocurrencies is described as one of the best days for crypto.
Next Dogecoin Alternative – Smog
Even though Dogecoin shows potential to reach parabolic heights this April, other meme assets have arrived with a higher chance to make gains this year. One of them is Smog.
Developed on the Solana blockchain, Smog introduces novel characters, a novel narrative, and a novel utility within the meme coin niche that makes it stand out from its peers.
Smog portrays an image of a dragon. Drawn with the same cartoon-esque feel one has grown accustomed to from memes, Smog is grinning. He lets out a fiery bellow and unleashes its fury on other meme coins to make memes a hot asset class again.
This nuanced approach to telling a story adds more culture to the current meme zeitgeist where so far, the “cuteness” and the dark humor were the only two attributes that engaged the meme coin community.
However, what makes Smog more special is its unique airdrop mechanism. Rather than dropping SMOG tokens to random users, Smog has added a quest-based element to it.
Created through zealy.io, the quest board consists of several tasks that one has to complete to earn airdrop points. These airdrop points are later tallied, and the one with the highest airdrop points will be given the largest number of tokens from Airdrop pools.
At press time, the Season 1 of the airdrop campaign has been successfully completed and the second one is imminent.
Top analyst, Crypto Gains feels Smog’s emphasis on community engagement and rewards positions it as an ideal investment opportunity.
Those who want to be a beneficiary of this airdrop can go to smogtoken.com to buy Smog.
Buying the token directly from the platform will give a 10% discount. Furthermore, staking SMOG will give investors a high APY of 42% plus additional airdrop points.
*Cryptonomist did not write the article or test the platform.
