Dogecoin Price Analysis: Are Bulls Getting Ready for a Rally?

1 The DOGE price shows a notable rise and sustained above the $0.1500 mark.
2 Bulls are gaining traction and making attempts to catch the $0.2000 mark soon.

The beloved memecoin, DOGE, witnessed a giant bull run and indicated the potential of the bulls in the last sessions. The DOGE crypto entered the top 10 list with a remarkable surge of 40% this week and 98% in the previous month. The trend is intact, and the coin is poised to extend its upside to $0.2000 soon.

Following the crypto market surge, Dogecoin also replicated a strong buying interest with a notable bounce and glimpsed a multi-year range breakout, leading to a sharp surge in the last week. Amidst the volatile market, DOGE’s price persisted in upholding the gains and jumped above the key moving averages.

At press time, the Dogecoin (DOGE) price was trading at $0.1727 with an intraday drop of 1.00%, indicating neutrality on the charts. It has a weekly return ratio of 13.35% and 113.55% on a monthly basis. The pair of DOGE/BTC is at 0.00000237 BTC, and the market cap is $24.33 Billion. Analysts are bullish and suggest the DOGE coin price will continue to acquire gains and may soon register a sharp rally above the $0.2000 mark.

DOGE Regained Strength: A Strong Contender to Look Out for in 2024

The above data shows Dogecoin’s price and volume graph (DOGE), signifying an impressive rise in the past sessions. Since the start of this month, aggressive buying momentum has led to a massive spike in price and trading volume. A golden crossover was witnessed, and significant investor interest led to a sharp jump of over 90% in the price this month. The trading volume replicated a massive bounce and pumped to $4.67 Billion. However, the intraday trading volume was noted at $2.37 Billion, with a drop of 12%.

Price Volatility on a Lowering Rate; What Does It Mean?

The price volatility keeps declining, with a steady price movement, and the curve witnessing a decline of over 30% to 0.018. However, the weighted sentiment bounced back from -0.070 to -0.061. It reveals that the sentiments are settled now, and investors are paying attention to the coin, leading to a rise in the past weeks. Furthermore, the market cap indicates an impressive increase of over 90% to $24.49 Billion.

The Social dominance activity witnessed stability near the mark of 0.972% and glimpses of neutrality, whereas the development activity declined and slipped to 0.619; a negative outlook was indicated through it.

Total Supply and Funding Rate Overview

The total supply of Dogecoin keeps rising at 141.18 billion, whereas the total number of holders rose over 4% to 6.30 million, revealing the positive development by the investors. Moreover, the total funding rate noted a rise and jumped to 0.077%.

Dogecoin Witnessed Range Breakout; Can DOGE Skyrocket to $0.2000?

On the weekly charts, Dogecoin has given a multi-year breakout and replicated the bullish marubozu candlestick. Furthermore, the sellers look trapped, and buyers are aggressively uplifting the coin, leading to a sharp bounce of over 90% this month.

The Relative Strength Index (RSI) curve stays near 78 in the overbought zone, forming a positive divergence on the charts. Similarly, the MACD indicator shows a bullish crossover and replicates bull accumulation.

Summary

The Dogecoin (DOGE) price replicates a bullish momentum and has witnessed a range breakout on the charts. Furthermore, the trend is intact, and buyers persist in accumulation, which may soon lead to an intense bull rally.

Technical Levels

Support Levels: $0.1680 and $0.1600

Resistance Levels: $0.1860 and $0.2000

Disclaimer

The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.