Dogecoin might reach a new all-time high soon

According to CoinMetrics data, the price of Dogecoin has soared by 20% in the past 24 hours to 32 cents. The meme-inspired cryptocurrency hit a record high of more than 45 cents at the beginning of this month. It even sparked concerns about a potential bubble in the crypto market.

According to CoinGecko’s data, Dogecoin has initially been a joke in 2013. Now it is the six-largest digital coin with a total market capitalization of nearly 42 billion U.S. dollars. Since reaching an all-time high, the Dogecoin (DOGE) price has been falling but rebounded sharply on April 23.

Between April 15th and 16th, DOGE rose by more than 250% and hit a record high of $0.45 on April 16. However, prices fell sharply after that.

The downward trend continued until April 23 and finally reached a local low of $0.169. DogeCoin price sharply increased today.

DOGE produced a hammer candle holder. The lower wick of the candle wick is very long, which is a strong signal of buying pressure. Since then, prices have been rising. Dogecoin is expected to continue to grow and eventually reach an all-time high again.

The recent price increase of DOGE might be connected to Elon Musk’s and Mark Cuban’s comments regarding the coin. Tesla CEO and self-proclaimed “dog father” Elon Musk promoted his planned “Saturday Night Live” debut next weekend. Elon Musk posted on his Twitter: ” The Dogefather SNL May 8.”

Besides, Mark Cuban, the basketball team owner of the Dallas Mavericks, has made several posts about the meme-based token this week.

Cryptocurrency trader Altstreetbet posted a DogeCoin graph on Twitter.  It stated that the DOGE’s next wave might take the token to a new all-time high cost above $0.55.