Price: $0.38280 -2.7781%
Market Cap: 56.19B 1.8962%
Volume (24h): 24.69B 0.4%
Dominance: 1.8962%
Price: $0.38280 -2.7781%
Market Cap: 56.19B 1.8962%
Volume (24h): 24.69B 0.4%
Dominance: 1.8962% 1.8962%
  • Price: $0.38280 -2.7781%
  • Market Cap: 56.19B 1.8962%
  • Volume (24h): 24.69B 0.4%
  • Dominance: 1.8962% 1.8962%
  • Price: $0.38280 -2.7781%
Home > Information news > Dogecoin Gains Momentum: Can DOGE Hit $0.27 Again?

Dogecoin Gains Momentum: Can DOGE Hit $0.27 Again?

Release: 2024/11/09 13:08 Reading: 519

Original author:Cryptos Newss

Original source:https://coinmarketcap.com/community/en/articles/672ee1e3f0eabf3d95d1b11f

Dogecoin Gains Momentum: Can DOGE Hit $0.27 Again?

Dogecoin Surges: Can DOGE Recapture the $0.27 Mark?

Dogecoin (DOGE) has ignited a rally, surging 26% this week and soaring to approximately $0.2025. This surge has been fueled by robust trading volume reaching $3.99 billion and a burgeoning market cap of $29.71 billion, representing a 3.72% increase in the past 24 hours.

As DOGE approaches the $0.2290 resistance level, optimism swells among traders anticipating a retest of the formidable $0.27 barrier, last tested in late 2021. The question remains: can DOGE sustain its momentum and challenge this threshold, or will profit-taking dampen its ascent?

Bullish Signals from Daily Chart

The daily chart patterns reveal a Golden Cross, a bullish technical indicator signaling a long-term uptrend. This formation bolsters the notion of sustained price appreciation, aligning with the heightened buying interest in DOGE.

Moreover, DOGE has decisively surpassed the 0.786 Fibonacci retracement level at $0.1832, a pivotal level often separating minor retracements from a complete bullish reversal. This suggests intense buying pressure and positions the cryptocurrency for an even further upward breakout.

The chart's immediate targets include $0.2290 and, ultimately, the much-anticipated $0.27 level. Dogecoin's weekly price action exhibits robust support above $0.14, with the 200-day SMA hovering around $0.1281, providing a safety net against potential dips. The recent rally has also pushed DOGE well above the 0.5 Fibonacci level at $0.1358, further solidifying the bullish outlook.

On-Chain Metrics Reinforce Bullishness

Dogecoin's bullish narrative finds further support in on-chain metrics. The Global In/Out of the Money chart indicates that approximately 88.64% of all DOGE addresses are "In the Money" at $0.2019. This implies that these addresses hold Dogecoin at a price below or equal to the current value, reducing the likelihood of immediate sell-offs and bolstering the potential for continued upward momentum.

Meanwhile, only 9.79% of addresses are "Out of the Money," with DOGE prices above their initial purchase level. Additionally, the In/Out of the Money Around Price metric, focusing on addresses that bought the cryptocurrency between $0.166 and $0.226, reveals that 66.46% of these addresses remain profitable.

This suggests that DOGE has established a solid support base within this price range, providing a buffer should the price encounter resistance near $0.2290. However, the data also shows that 32.40% of these addresses are "Out of the Money" as the meme coin hovers around the $0.2019 level, indicating potential selling pressure if prices approach certain resistance points.

Price Prediction: Can DOGE Reclaim the $0.27 Barrier?

If DOGE can conquer the $0.2290 resistance level, it could ascend to $0.27, a psychological barrier that could ignite a new wave of buying activity. Beyond $0.27, the next significant resistance is likely to emerge around $0.30, where traders may seek to secure profits.

Conversely, the cryptocurrency may experience a temporary pullback if it fails to breach the $0.2290 level. In this downside scenario, immediate support can be found around the 0.786 Fibonacci level at $0.1832. Below that, the 0.618 Fibonacci level at $0.1537 could serve as a support floor, shielding the token from a more severe correction.

Selected Topics

  • Dogecoin whale activity
    Dogecoin whale activity
    Get the latest insights into Dogecoin whale activities with our comprehensive analysis. Discover trends, patterns, and the impact of these whales on the Dogecoin market. Stay informed with our expert analysis and stay ahead in your cryptocurrency journey.
  • Dogecoin Mining
    Dogecoin Mining
    Dogecoin mining is the process of adding new blocks of transactions to the Dogecoin blockchain. Miners are rewarded with new Dogecoin for their work. This topic provides articles related to Dogecoin mining, including how to mine Dogecoin, the best mining hardware and software, and the profitability of Dogecoin mining.
  • Spacex Starship Launch
    Spacex Starship Launch
    This topic provides articles related to SpaceX Starship launches, including launch dates, mission details, and launch status. Stay up to date on the latest SpaceX Starship launches with this informative and comprehensive resource.
  • King of Memes: Dogecoin
    King of Memes: Dogecoin
    This topic provides articles related to the most popular memes, including "The King of Memes: Dogecoin." Memecoin has become a dominant player in the crypto space. These digital assets are popular for a variety of reasons. They drive the most innovative aspects of blockchain.