Dogecoin Fear and Greed Index reading shifts as price jumps since weekend, here's what new index value means
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Dogecoin is pumping following the flagship cryptocurrency Bitcoin, which has surged by 11.63% over the past 24 hours and all of a sudden surpassed the $34,000 level, now trading at $34,585. Many believe the reason for this price pump to be the hype around a Bitcoin spot ETF, which is expected to be approved by the SEC this year.. Over the weekend, crypto analyst Ali Martinez stated that Dogecoin was coming close to the apex of a multiyear descending triangle pattern.
He said that depending on further moves, DOGE has the potential to head for $1. Another analyst, who mentioned the $1 target for Dogecoin recently was Bitcoin trader and market commentator @AngloBTC.Dogecoin reached a historic peak of $0.7376 on May 8, 2021, largely thanks to DOGE fan, tech tycoon and now X platform owner Elon Musk. Back in 2021, he shilled Dogecoin during his debut on Saturday Night Live.
However, soon after the triumphant surge, the price began to decline as many investors took their profits off the table. Since then, Elon Musk has endorsed DOGE in multiple tweets, but he has been unable to propel DOGE to the previous historic peak. Currently, the canine cryptocurrency is changing hands 90.74% below the all-time high of 2021.Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017.
His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.AI Cryptos Eyeing $3 Billion in Market Cap, Here Are Best PerformersAI Token SingularityNET up 10%, Here's Next Stop
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