- Dogecoin has rebounded 5% in March, climbing to $0.2104 but remains 71% below its all-time high.
- Analysts predict a 118% surge by March 10, with the price potentially hitting $0.4596.
- Trump’s pro-crypto stance and the March 7 Crypto Summit could be key catalysts for further gains.
Dogecoin is regaining momentum as March injects fresh energy into the cryptocurrency market. Several digital assets are recovering lost value, with renewed investor optimism fueled by Donald Trump’s pro-crypto stance. The meme coin sector, with DOGE at the forefront, aims to capitalize on this wave of enthusiasm.
February was rough. Dogecoin, like most cryptos, took a hit. The asset started March with volatility but soon found its footing. Over the past 24 hours, DOGE surged by nearly 5%. It climbed from a low of $0.1985 to its current price of $0.2104.
Despite this gain, DOGE remains far from its peak. The all-time high of $0.7376, recorded in 2021, still looms large. The asset is down 71% from that level. For Dogecoin to reach the long-awaited $1 mark, it needs strong catalysts. Increased political backing, particularly from Trump, could be one such trigger.
Donald Trump has taken a crypto-friendly stance. His recent statements have fueled optimism. If his administration pushes for clearer regulations and mainstream adoption, meme coins like Dogecoin could benefit. Political backing could bring fresh liquidity into the market.
Elon Musk’s influence is another wildcard. The billionaire has long championed Dogecoin. If he throws his weight behind it again, DOGE could see another surge. His companies, Tesla and SpaceX, already accept Dogecoin for select payments. An expansion of such use cases could strengthen demand.
Dogecoin’s market cap now stands at $30.2 billion, making it the ninth-largest cryptocurrency. Trading volume over the past 24 hours has crossed $1.8 billion, signaling increased investor interest.
The asset’s Relative Strength Index (RSI) currently sits at 57, indicating moderate bullish momentum. A move above 70 would suggest overbought conditions, while a dip below 50 could hint at weakening demand.
Dogecoin’s March Price Target: A 118% Surge?
Crypto analysts are predicting big moves. Data from CoinCodex suggests that DOGE could skyrocket by 118.55% within the next few days. If accurate, the meme coin would reach $0.4596 by March 10.
A key event could influence this trajectory. The upcoming Crypto Summit on March 7 may inject fresh bullish sentiment into the market. If major players announce supportive policies or institutional interest grows, Dogecoin could benefit.
Despite bullish predictions, DOGE has hurdles to clear. The broader market’s performance will play a crucial role. Bitcoin’s movement often dictates the direction of altcoins, including Dogecoin.
On-chain data shows that 62% of DOGE holders are currently in profit. However, whale activity remains a concern. Large investors have been accumulating, but sudden sell-offs could trigger volatility.
If political backing, increased adoption, and favorable market conditions align, Dogecoin might break past its previous peak. The $1 milestone remains a stretch goal, but the meme coin’s community remains hopeful.