Here’s Why The Dogecoin Price Surged Over 10%
The Dogecoin price has surged over 10% in the last seven days, providing a bullish outlook for the foremost meme coin. This development has occurred due to several factors, including Donald Trump’s decision to ease off on certain tariffs.
Why The Dogecoin Price Surged Over 10%
CoinMarketCap data shows that the Dogecoin price has surged over 10% in the last seven days. This price surge specifically began over the weekend following reports that Donald Trump’s much-anticipated tariffs on April 2 might be confined to only sectors and not as broad as earlier feared.
In an address yesterday, Trump also mentioned that he might give many countries a break on reciprocal tariffs, a move that could cool off the trade wars and provide a bullish outlook for the Dogecoin price and the prices of other risk assets. As such, this has sparked a bullish sentiment among investors who again look to be betting heavily on DOGE, a move which has sparked this surge for the meme coin.
The Dogecoin price also surged due to the Bitcoin price’s recent rise to as high as $88,500. The foremost meme coin shares a strong positive price correlation with the flagship crypto. As such, DOGE is bound to rally as BTC reaches new highs. Thanks to Bitcoin’s surge, the outlook in the broader crypto market is bullish, and DOGE is also benefitting from it.
Dogecoin whales are also actively accumulating amid these developments, which has contributed to the price surge for the Dogecoin price. These whales bought over 120 million DOGE last week. House of Doge, the corporate arm of the Dogecoin foundation, also bought 10 million DOGE to launch its official Dogecoin reserve.
DOGE Ready For Rally To $1
In an X post, crypto analyst Master Kenobi suggested that the Dogecoin price is ready to rally to the psychological $1 level. This came as he highlighted a massive bullish divergence that could propel DOGE close to $1 by June later this year. The analyst had previously revealed that DOGE is mirroring a bullish pattern from the 2017 bull cycle. He predicted that the meme coin could reach $1.1 by June if it witnesses a second parabolic phase in this cycle, just like in 2017.
Crypto analyst KrissPax also mentioned that the Dogecoin price continues to trade in a similar pattern to the 2017 bull cycle. He remarked that if the second large breakout of this cycle happens, then DOGE could surge above its current all-time high (ATH). His accompanying chart showed that the meme coin could rally to $4 when this breakout occurs.
At the time of writing, the DOGE price is trading at around $0.184, up over 4% in the last 24 hours, according to data from CoinMarketCap.
Featured image from Unsplash, chart from Tradingview.com
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