Amidst the volatility in the cryptocurrency market, meme coins have once again taken the spotlight. Dogecoin (DOGE) has continued its uptrend, surging over 40% in weekly gains and rallying 12% in the past 24 hours, breaking above the $0
Amidst the volatility in the cryptocurrency market, meme coins have once again taken the spotlight. Dogecoin (DOGE) has continued its uptrend, surging over 40% in weekly gains and rallying 12% in the past 24 hours, breaking above the $0.20 mark. Currently, Dogecoin (DOGE) trades at $0.2156, while its market capitalization has soared to $31 billion. Additionally, DOGE's daily trading volume has spiked to $5.82 billion.
Dogecoin (DOGE) Enters New Bullish Macro
Cryptocurrency analyst Rekt Capital recently observed that Dogecoin (DOGE) has broken the macro downtrend and is now in a new macro bullish phase. Analysis suggests that if DOGE manages to achieve a monthly close above the critical red level of approximately $0.20, it could mark a significant milestone. This level represents a historical support zone, the reclaim of which could provide further momentum for DOGE's price to surge towards the $0.30 zone and beyond.
Dogecoin Price to $1?
Dogecoin's recent breakout has been pivotal, as it has allowed the bulls to take charge and set their sights on $1 as the next major target. Presently, DOGE appears poised to challenge its historical high of $0.60 in the coming months. Moreover, several on-chain metrics have hinted at a potential spike in the near future.
On-Chain Metrics Provide Bullish Signals
Data from Santiment reveals that Dogecoin's transaction volume has witnessed a significant surge, jumping from $1.22 billion to $9.20 billion within a short span of 48 hours. Simultaneously, the overall activity surrounding DOGE has increased, indicating a higher frequency of DOGE transfers in recent days. This spike in velocity could further fuel DOGE's ongoing rally.
New Entrants Driving Rally
Furthermore, there has been an increase in the number of holders accumulating DOGE, suggesting that the recent price surge is primarily driven by new entrants into the market rather than existing holders accumulating more. The rise in new address interest highlights the growing popularity of DOGE within the crypto space.
Looking Ahead to Q2 2024
As we move into Q2 of 2024, there are several key developments on the horizon, with the next major event being the Bitcoin halving. This is likely to push Bitcoin's price to new highs, consequently driving the broader market upwards.
Dogecoin (DOGE) has broken out of its downtrend and has entered a new bullish macro regime. On-chain metrics are providing bullish signals, including a massive surge in trading volume and an influx of new entrants. Should DOGE successfully breach key resistance levels, the next price targets could be set at $0.60 or even $1. Investors should closely monitor Dogecoin's progress in the near term to capture potential profit-taking opportunities.
Disclaimer: The content of this article is sourced from the internet. The copyright of the text, images, and other materials belongs to the original author. The platform reprints the materials for the purpose of conveying more information. The content of the article is for reference and learning only, and should not be used for commercial purposes. If it infringes on your legitimate rights and interests, please contact us promptly and we will handle it as soon as possible! We respect copyright and are committed to protecting it. Thank you for sharing.(Email:[email protected])
