Outside Source
TL;DR
- Dogecoin (DOGE) has rebounded slightly by 4% after a significant 23% drop last week.
- One analyst suggested the correction could have been “healthy” and potentially lead to a substantial price increase.
Was DOGE’s Latest Correction ‘Healthy?’
The biggest meme coin in terms of total market capitalization – Dogecoin (DOGE) – was severely affected by the recent market decline, with its price nosediving by over 23% in a week. However, the situation does not look so adverse today (April 19) since the asset reclaimed some lost ground, being up approximately 4% on a daily scale.
One popular analyst who touched upon DOGE’s turbulence is JAVON MARKS. The X user described the correction as a “healthy pullback,” reminding the asset’s impressive performance since the start of the year.
JAVON MARKS went further, predicting that such a price retreat may fuel a 315% “uphill” toward the $0.65 target.
Other analysts who recently forecasted a bright future for DOGE include the X users Mikybull Crypto and Trader Tardigrade. The former claimed that the “real bull run is about to start,” whereas the latter argued that Dogecoin runs the “Cycle of 7 years,” meaning a price explosion toward the ridiculous $40 is not out of the cards.
Waiting for These Factors
DOGE might indeed be on the verge of a substantial rally, considering the fact that the Bitcoin halving is just hours away. The event, following which miners will receive twice less BTC for validating blocks on the blockchain, reduces the amount of new coins entering the market, potentially making the asset more valuable in time (should demand rise or remain the same).
Historically, each halving (which occurs roughly every four years) has been a precursor of a massive resurgence of Bitcoin and the entire cryptocurrency sector, meaning Dogecoin could be among the gainers.
Another event that may positively impact the valuation of the meme coin is the so-called DOGE Day on April 20. The crypto community jokingly picked that date to celebrate Dogecoin, but the reasons remain unclear. Some theories lead to Elon Musk, whose favorite day is April 20. Those who have been following the crypto industry for long enough are aware that Tesla’s CEO is among the most vocal proponents of the meme coin.
In the past two years, DOGE’s price witnessed some spikes on that day.
This article first appeared at CryptoPotato
