Dogecoin Price Spikes 15% Crossing $0.20 — Can It Continue Moving Up?

Key Takeaways

• Dogecoin spiked 15% on March 28, continuing its 80% rise from March 19.
• Speculation around Twitter payments fuels DOGE’s bullish sentiment.
• DOGE targets $0.26 as next peak, completing its five-wave rise.

Dogecoin (DOGE) was worth $0.19 at the start of March 28, but it spiked more than 15% to reach a daily high of $0.22. This was part of an uptrend which started following the March 19 low of $0.12, an increase of nearly 80%. 

Its latest high is higher than its one on March 5, signaling further uptrend continuation. But, with an overall increase of 185% since the start of the year, how far can Dogecoin’s price go? 

What Drove Dogecoin’s Rise?

The notable increase in Dogecoin’s price came a day after a notable mistake by Twitter’s AI chatbot, Grok. The AI incorrectly suggested that Dogecoin payments were feasible on the platform. This incident, referred to as an “AI hallucination,” highlighted the crypto market’s speculative nature. Since Twitter , now rebranded as X, has not activated such a payment feature, it also showcases the fundamental untrustworthiness of AI. 

Regardless, this news spread through social media, spearheading a false narrative that caused excitement and a bullish sentiment. Even so, Dogecoin developer Mishaboar hinted on Twitter that integrating crypto payments on the platform could, potentially, materialize within the next year, citing existing support for cryptocurrencies by payment services like PayPal.

Dogecoin (DOGE) Price Analysis 

On March 5, DOGE‘s price hit a peak of $0.20, aligning with the 1.618 Fibonacci extension level on the logarithmic daily chart. This concluded its third wave in a larger five-wave impulse that began on October 13 last year.

Subsequently, the price experienced a downturn, dropping to $0.12 by March 20, only to rebound by over 20% on March 21. This recovery might signify the completion of its wave four correction, setting the stage for a further ascent to surpass previous highs.

As the price increased, we received a confirmation of this scenario and assume more upside for DOGE for its fifth wave to develop fully. Our next target to the upside would be $0.26, where the 2 Fibonacci extension level is. 

Upon reaching this target, the completion of the five-wave pattern will be marked, with a corrective stage awaited. 

Disclaimers

Please note that the contents of this article are not financial or investing advice. The information provided in this article is the author’s opinion only and should not be considered as offering trading or investing recommendations. We do not make any warranties about the completeness, reliability and accuracy of this information. The cryptocurrency market suffers from high volatility and occasional arbitrary movements. Any investor, trader, or regular crypto users should research multiple viewpoints and be familiar with all local regulations before committing to an investment.