Dogecoin price continues balancing act as the Shiba-Inu themed memecoin dominates Reddit [Video]
- Dogecoin price resumes uptrend, recovers from drop below $0.16.
- The Shiba-Inu-themed memecoin’s subreddit dominated Reddit, indicating a spike in social dominance.
- Analysts predict Dogecoin price rally, compare the memecoin’s trend with Ripple’s bull run in 2017.
![Dogecoin price continues balancing act as the Shiba-Inu themed memecoin dominates Reddit [Video]](https://editorial.fxstreet.com/images/Markets/Currencies/Cryptocurrencies/Dogecoin/dogecoin-200x200-637483778649728159_XtraLarge.jpg)
Over 54% Dogecoin holders are profitable as of December 2021. The memecoin has experienced a recovery since Tesla’s acceptance of Dogecoin as a payment method. The Dogecoin subreddit was one of the most popular ones in 2021.
Dogecoin price prepares for comeback in 2022
Based on data from crypto intelligence platform IntoTheBlock, 54% of Dogecoin holders have remained in profit over the past month. The memecoin has posted a recovery from the drop below $0.16.
Elon Musk, the billionaire CEO of Tesla recently announced the acceptance of Dogecoin as a payment method for some of the firm’s merchandise. The 40% spike in Dogecoin price took the memecoin closer to its previous all-time high.
Interestingly, r/Dogecoin was the most popular subreddit, implying a spike in the memecoin’s social dominance.
Analysts have evaluated the Dogecoin price trend and predicted a bull run. Comparing Dogecoin’s price rally to Ripple’s bull run from 2017, analysts have drawn similarities between the two. Dogecoin price trend is similar to Ripple’s, when the altcoin hit its all-time high in the 2017 bull run.
@kingthies, a crypto analyst and trader has set a target of $0.19 for Dogecoin price. The analyst has listed resistances at $0.191,$0.198, $0.203 and $.0223. The analyst is eyeing Dogecoin’s price in the range of $0.15 to $0.19.
$DOGE @ $0.17 and bband squeeze in play on this 6H chart. Resistances for a move up will be $0.191,$0.198, $0.2033, $.02236. Supports @ $0.161, $0.167 if needed. pic.twitter.com/fUTdU2ABtB
— Crypto Thies (@kingthies) January 2, 2022
For the first time in the history of Dogecoin, developers published a roadmap for 2022 fueling a bullish narrative for the Shiba-Inu-themed cryptocurrency’s price.
FXStreet analysts believe that Dogecoin has set a bear trap to propel the memecoin’s price to $0.24, 41% rally from current price.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
