Dogecoin (DOGE) Price On A New Macro Uptrend, 50% Rally Expected

While the broader crypto market has been experiencing some volatility, meme coins have been back in action once again. Dogecoin (DOGE) has extended its weekly gains to 40% by surging another 12% in the last 24 hours and giving a strong breakout above $0.20. At press time, the Dogecoin (DOGE) price is trading at $$0.2156 with its market cap shooting to $31 billion. Also, the daily trading volume for DOGE has surged to $5.82 billion. 

Dogecoin (DOGE) On New Macro Uptrend

In a recent update, crypto analyst Rekt Capital observed that Dogecoin (DOGE) has broken its Macro Downtrend and entered a new Macro Uptrend phase. The analysis suggests that if DOGE manages to achieve a Monthly Close above the crucial red level of approximately $0.20, it could signify a significant milestone. This level represents a historical support zone, the reclamation of which might provide additional momentum for DOGE’s price to surge towards the $0.30+ area.

$DOGE

Dogecoin has ended its Macro Downtrend

And begun a new Macro Uptrend

And if DOGE Monthly Closes above the red ~$0.20 level…

It would reclaim a historical support that could offer further fuel for a move towards the ~$0.30+ area#DOGE #Crypto #Dogecoin https://t.co/MQRXtFMubo pic.twitter.com/H7muuxiOQv

— Rekt Capital (@rektcapital) March 28, 2024

DOGE Price Rally to $1?

The recent breakout in the Dogecoin price is crucial as it sets the bulls in action to steer the next major rally to $1. For now, DOGE seems poised to approach its all-time high of $0.60 in the coming months. Moreover, several on-chain indicators have been hinting at a potential surge moving ahead.

According to Santiment data, there was a significant surge in Dogecoin transaction volume, soaring from 1.22 billion to 9.20 billion within just 48 hours. Concurrently, there was an uptick in overall activity surrounding DOGE, indicating an increase in the frequency of DOGE transfers in recent days. This surge in velocity could potentially further fuel DOGE’s ongoing rally.

Furthermore, the count of holders accumulating DOGE had expanded, signifying that the recent price surge was propelled by new participants entering the market rather than existing holders accumulating more. The uptick in interest from new addresses underscores the increasing popularity of DOGE within the cryptocurrency sector.

As we head into Q2 2024, there are several key developments scheduled ahead, with the next major event being the Bitcoin halving. This could propel the Bitcoin price to new highs thereby the broader market higher.