Price: $0.19117 -3.3044%
Market Cap: 28.04B 1.1284%
Volume (24h): 4.46B 0.2%
Dominance: 1.1284%
Price: $0.19117 -3.3044%
Market Cap: 28.04B 1.1284%
Volume (24h): 4.46B 0.2%
Dominance: 1.1284% 1.1284%
  • Price: $0.19117 -3.3044%
  • Market Cap: 28.04B 1.1284%
  • Volume (24h): 4.46B 0.2%
  • Dominance: 1.1284% 1.1284%
  • Price: $0.19117 -3.3044%
Home > Information news > Dogecoin Price Surges in Market Rebound

Dogecoin Price Surges in Market Rebound

Release: 2024/03/30 03:30 Reading: 458

Original author:COINTURK NEWS

Original source:https://coinmarketcap.com/community/articles/6607064bd439cc20d8be7055

You can also read this news on COINTURK NEWS: Dogecoin Price Surges in Market Rebound

Challenging the current cryptocurrency market correction, the price of Dogecoin (DOGE) experienced a serious rise in the fourth week of March. Starting from the recent correction’s lowest level of $0.122, the cryptocurrency’s price showed a 78% increase, reaching the current trading price of $0.21.

Volume Increase in DOGE

This rally recently broke through the highest resistance of the last swing at $0.2 and may signal a potential for further recovery. Amid the recovery of the leading cryptocurrency Bitcoin from $60,000, Dogecoin rebounded from the combined support of the 50-day EMA and the 61.8% Fibonacci retracement level. This V-shaped return, supported by a notable increase in volume, reflects high-momentum buying and the enthusiasm of meme token aficionados.

Over the past two weeks, these whales have accumulated approximately 1.4 billion DOGE, equivalent to an astonishing investment of $280 million. This activity may indicate the strong confidence of high-net-worth individuals in Dogecoin’s future market performance. On March 28th, the DOGE price made a significant breakout from the $0.206 resistance, reaching the highest level in 28 months at $0.2288. However, with an intraday loss of 2.4%, it is possible that the cryptocurrency price may retest the broken resistance and potential support.

Critical Formation in Dogecoin

The uptrend in Dogecoin could encourage buyers to pursue potential targets of $0.27 and then $0.3. According to broader chart analyses, Dogecoin has formed a rounded bottom pattern, indicative of a gradual and steady transition from a downtrend to an uptrend, suggesting long-term sustainability of its price trajectory. Consequently, Dogecoin experienced a rally supported by Bitcoin‘s recovery and the accumulation of a large amount of DOGE, creating a U-shaped recovery pattern that exhibits a long-term upward trend.

The post first appeared on COINTURK NEWS: Dogecoin Price Surges in Market Rebound

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