Dogecoin Price Prediction as Tokens Built on Dogecoin Blockchain Reach All-Time High – Can DOGE Reach $1?
The price of Dogecoin (DOGE) has risen by 2% in the past 24 hours, rising to $0.074565 amid a similar gain for the cryptocurrency market as a whole.
DOGE's current price means that it has gained by 3.5% in the past week, with the meme token down by 20% in the last 30 days but up by 6% since the beginning of the year.
Despite its underwhelming performance in the past few weeks, DOGE's increase today comes as data emerges showing that transactions on the Dogecoin blockchain have risen to an all-time high, driven largely by the issuing of new DRC-20 tokens.
Given this surge in demand for space on the Dogecoin blockchain, DOGE could therefore continue seeing rises in the coming weeks and months, with more of the token needed to pay transaction fees.
DOGE is clearly on an upswing at the moment, yet what's encouraging about this is that it looks like it could still be some way from reaching a peak.
Most notably, the coin's 30-day moving average (yellow) overtook its 200-day (blue) yesterday, forming a 'golden cross' that tends to signal a breakout to a new level.
This level may have already been reached, given that DOGE failed to break the $0.075 resistance level (red), yet it has begun rising again and may test this ceiling in the next few hours.
Its relative strength index (purple) suggests the kind of continued momentum that may help it reach new levels, with the RSI rising back over 50 after a brief dip below earlier today.
And more fundamentally, the fact that the Dogecoin blockchain is currently witnessing more use points to a steadily rising DOGE price.
It seems that what's happening is that users are rushing to mint Dogecoin's own version of Bitcoin's Ordinals, using the DRC-20 token standard to create NFTs.
While it's not
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