Dogecoin could continue its hot streak, Is the ‘Meme’ coin aiming for $1?

Elon Musk’s favorite coin broke the internet with its price surge after the altcoin was seen swimming towards $1
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Started off as a meme, the Dogecoin [DOGE] has had its share of highs and lows. Dogecoin made its debut back in 2013 and was considered nothing but a mere joke. However, over the years, DOGE managed to surge significantly thanks to spontaneous endorsements from Tesla CEO Elon Musk. Most recently, during the COVID-19 pandemic, a TikTok video caused the altcoin to garner immense gains. It seems like DOGE had once again found its way back in the crypto spotlight.

DOGE rose on the crypto ladder in terms of price as well as market cap. This time, it wasn’t Musk. A Twitter account, WSB Chairman tweeted,

This tweet along with a sub-Reddit platform, WallStreetBets seemed to have instigated the surge in the coin. Reddit was also responsible for the buzz around GameStop.

While DOGE failed to hit $1, it managed to secure profits up to 396.5% in the last 24-hours. The asset rose up to a high of $0.077, however, it slumped to $0.054 at press time. CoinGecko revealed that the altcoin had a great start to the new year as it had surged by over 1100%. The market cap of the asset wasn’t far behind. DOGE managed to find a spot on the top ten, yet, at the time of writing, it had occupied the position of the eleventh largest coin with a market cap of  $6.7 billion.

Dogecoin [DOGE] Four-Hour Price Chart

Dogecoin price analysis
Source: TradingView

The four-hour price chart of DOGE on Binance pointed out that bulls were still in the altcoins market. The Bollinger Bands indicator suggested that there was going to be increase volatility as the bands were at a distance. The Money Flow Index indicator exhibited a bullish sentiment in the DOGE market as the marker was getting back from the overbought zone. The MACD indicator formed a bullish crossover as the MACD line was way over the signal line.

The prolongation of this trend could push the altcoin to $1.

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