Dogecoin (DOGE) Finds Major Support Just 100% Away From All-Time High

Dogecoin: Resurgence on the Horizon?

Despite the recent decline in Dogecoin (DOGE) hype, the popular meme coin may be poised for a comeback that could reignite investor interest.

Following price fluctuations, DOGE has established support around $0.37, aligning with the 50-day moving average. This price level serves as a crucial indicator, suggesting bullish sentiment and confidence in Dogecoin's mid-to-long-term price trajectory.

This level is also significant as it represents a 100% increase from Dogecoin's all-time high of $0.74 set in 2021. Despite other cryptocurrencies, such as Bitcoin, breaking their all-time highs, Dogecoin has yet to retest its historic maximum.

While some may attribute this to Bitcoin's unique nature, Dogecoin's humorous origins as a Bitcoin parody and its tendency to mirror Bitcoin's price action support the bulls' defense of the recent price high.

Skeptics may question the possibility of Dogecoin adding $55.3 billion to its market cap. However, if Ripple's (XRP) market cap can increase fivefold to $180 billion within two months, the same trajectory is not inconceivable for DOGE.

With the 50-day moving average providing support, the odds appear to favor the bulls. Dogecoin's future remains uncertain, but the current price action suggests potential for a resurgence in market interest.