Dogecoin (DOGE) is surging today. The coin has had a mixed 2022 and had recently bottomed at $0.109. However, it seems the fortunes of this popular meme coin are starting to turn, and we could see some sustained gains in the weeks to come. Here is what you need to know:
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DOGE coin has now surged past its demand zone of between $0.109 and $0.124.
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The coin is likely to hit $0.2 before any major correction
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DOGE has added nearly 30% in value over the last 24 hours alone.
Data Source: Tradingview
Dogecoin (DOGE) – What is the upward potential?
Dogecoin, like other meme coins in the market, has had a very difficult 2022. The coin had shown some bullish signs at the end of March. But this did not last long; instead, the meme coin bottomed in April. However, things are starting to turn around.
After Elon Musk acquired Twitter, there has been speculation that DOGE could be integrated as part of the payment ecosystem for the social media platform. As a result, the coin has added 30% in value over the last 24 hours.
Despite this, we still think there is more upside left for Dogecoin. In fact, the coin is likely to continue surging towards $0.2 before we see any possibility of a major price correction. This will represent gains of an additional 30% from the current price.
Dogecoin’s future and long-term outlook
It’s unlikely that DOGE will reclaim its previous all-time high of around $0.7. The coin will have to grow by at least 4x to achieve that from the current price. However, if Elon Musk follows through on his desire to make the meme coin part of Twitter’s payment ecosystem, then DOGE will become huge.
Nonetheless, the meme coin still has a positive outlook for the remainder of 2022. Conservative estimates show that the meme coin has the potential to offer 2x growth before the end of the year.