In the recent bull market, we have seen a 13% increase in Dogecoin. In this Pooyan Music post, we take a look at the state of Dogecoin’s fear and greed index.
Dogecoin’s fear and greed index changes with price jump from the weekend, what does the new index value mean?
According to a recent X post by @dogecoinfear, Dogecoin’s fear and greed index has entered “greed” territory. It shows the number 71. So, it’s a buying opportunity.
Since Sunday, the main meme cryptocurrency, Dogecoin, has gained 13.25%, jumping from $0.0607 to $0.0687. At the time of writing, this memecoin is trading at $0.0679 on the Bitstamp exchange.
Dogecoin has suddenly crossed the $34,000 level, following its flagship digital currency, Bitcoin, which is up 11.63% in the last 24 hours. The currency is now trading at $34,585. Many believe that the reason for this price pump is the hype about the Bitcoin ETF, which is expected to be approved by the SEC this year.
Recently, several cryptocurrency analysts have mentioned in their X posts that they expect DOGE to move towards the ambitious target of $1. Over the weekend, cryptocurrency analyst Ali Martinez stated that Dogecoin is nearing the top of a multi-year descending triangle pattern.
DOGE has the potential to move towards $1, he said, given the next moves. Another analyst who recently hinted at a $1 target for Dogecoin was Bitcoin trader and market commentator @AngloBTC.
He tweeted: “The world owes me 1 billion dollars. Goal: $1.”
DOGE COIN reached an all-time high of $0.7376 on May 8, 2021, largely thanks to DOGE fan, tech giant and now Platform X owner Elon Musk. In 2021, he used Dogecoin during his first appearance on the Saturday Night Live comedy show.
However, immediately after the triumphant rise, the price began to decline. Because many investors took their profits out of the market. Since then, Elon Musk has supported DOGE in several tweets, but he has not been able to take DOGE to its previous historic peak. Currently, the meme is 90.74% below its 2021 record high.