In the first days of February, DOGE coin went through major gains and rises after Elon Musk, the founder and the CEO of Tesla embraced Dogecoin in a series of posts on Twitter. Dogecoin hit a new record price at the time, reaching 0.089$ and over 2,000% gains for the year. On the weekly chart, DOGE is currently seen in a decline, trading -40% down since reaching an all-time high. Still, the monthly chart is positive with 57% of gains, at the current price of 0.049$. Can DOGE reach the price target of 1$ by 2024?
Can Dogecoin (DOGE) Reach 1$ by 2024?
Dogecoin is currently seen in a daily decline with continuous declines in the past seven days as well, as the bull run induced by Elon Musk embracing the crypto is also toning down. However, the entire market is more or less seen in decline with new losses hitting the market. Still, negative market trends always lead to sideway trends, afterward going through news gains. Dogecoin has the potential to get back to its all-time high from where it could have a chance to reach 0.1$ by 2022. In case DOGE would make it to 0.1$, it would be easier to pick up the positive momentum and reach new highs at 0.50$. We should also expect losses along the way and bearish trends as the crypto are attempting to define new support and new resistance levels. If more investors would see DOGE as a valuable coin with a strong community and perfect for micropayments, much like Musk did, DOGE could reach 1$ by 2024. As the market is becoming more mature and the total supply is getting thinner, the value of DOGE should grow to a correspondent price, which could be 1$ as the first major price target.