Cryptocurrency Analysis

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Bitcoin is on the rise, Ethereum is gaining momentum, how soon can we expect Dogecoin to rise?



Bitcoin is inexorably soaring, having tested the level of $46,000 and returned to its May highs. Ethereum also takes off into space like a rocket after the launch of the London hard fork, the main altcoin is trading at $3,100. What can we say about Elon Musk's favorite crypto asset dogecoin?

What are the growth prospects for this meme asset at the moment? Altcoin shows excellent performance and has already gained 20% growth over the week. Now dogecoin is separated from the rapid growth and bullish movement by resistance, which is located at about $0.28.

After passing this level, the crypto asset will be able to return to the levels of $0.3 and go up, up to 50 cents per coin. At the moment, the number of addresses of dogecoin walking is significantly increasing. According to many analytical companies, the largest address that dogecoin stores has about 36 billion coins, which is almost 30% of all crypto coins.

It is still too early to talk about an upward trend for dogecoin and a repeat of its record highs, when it cost $0.7 after obvious promotional campaigns from Elon Musk and even rumors that the tech king will accept dogecoin as payment for Tesla cars. At the moment, the situation is still ambiguous, but there are already growth prospects.

Bitcoin is growing, and almost all altcoins are also following it up, the mood of investors is improving again, there are fewer one-day players and small speculators on the market, there is also no panic, which is a catalyst for growth. Dogecoin is a subject of demand among various corporations and global companies.

Many analysts believe that the crypto asset will grow intensively during the third and fourth quarters of this year. The bearish trend will be completely absorbed by the bullish trend, and the price of dogecoin will soon break the milestone of 50 cents, namely in the fall.

Well-known cryptocurrency investment analyst Forrest Przybysz said: "I was sure that dogecoin, like the rest of the altcoin market, would rapidly rush up. Although it is a very volatile asset and will have long-term stagnation and stagnation, namely, price growth, after which aggressive speculative pumping will follow, as it was previously."





Vitaly Kolesnikov
Analytical expert
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