Price: $0.19504 -0.4067%
Market Cap: 28.61B 1.1412%
Volume (24h): 3.71B 0.2%
Dominance: 1.1412%
Price: $0.19504 -0.4067%
Market Cap: 28.61B 1.1412%
Volume (24h): 3.71B 0.2%
Dominance: 1.1412% 1.1412%
  • Price: $0.19504 -0.4067%
  • Market Cap: 28.61B 1.1412%
  • Volume (24h): 3.71B 0.2%
  • Dominance: 1.1412% 1.1412%
  • Price: $0.19504 -0.4067%
Home > Information news > Dogecoin Rallies Beyond Key Price Point in Crypto Market

Dogecoin Rallies Beyond Key Price Point in Crypto Market

Release: 2024/02/21 06:39 Reading: 507

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/65d5095037319a6d66a8b29b

Dogecoin Rallies Beyond Key Price Point in Crypto Market

You can also read this news on BH NEWS: Dogecoin Rallies Beyond Key Price Point in Crypto Market

Dogecoin, a widely recognized meme-based cryptocurrency, has recently marked a significant trading increase, surpassing the $0.087 support level. Seeing a 2% rise from its previous day’s value, the currency reached a price of $0.0871, signaling a potentially strengthening market confidence for Dogecoin.

Strength in the Market

Transcending the $0.0850 resistance, Dogecoin has adopted a bullish trend, with current trades oscillating between $0.080 and $0.08200. This movement suggests the possibility of sustained growth, as the token exhibited more than a 7% hike over the preceding week. Concurrently, major cryptocurrencies like Bitcoin and Ethereum have also seen substantial gains, with Bitcoin crossing the $51,000 mark and Ethereum exceeding $2,900. Dogecoin’s performance last month was notable as well, with a double-digit percentage increase.

Market Dynamics and Projections

The meme token’s trading volume soared by 127% to $897 million, and Dogecoin’s market valuation stands at the 11th position, approximately $11.57 billion. This renewed market action coincides with a substantial growth in trading volume, occasionally ascribed to significant investments by large players known as “whales”.

Analytical insights from IntoTheBlock, a decentralized finance analytics platform, showed persistent high activity on the DOGE blockchain, with over 1 million transactions processed daily since January 30. This pattern highlights increasing community engagement. Analysts point to $0.089 as Dogecoin’s immediate resistance level, with further potential barriers at $0.095 and $0.098. Surpassing these could potentially lead to Dogecoin reaching or exceeding $0.100, with a bullish outlook projecting a rise to $0.120. However, a failure to maintain above $0.090 could trigger a price correction, with support potentially consolidating near $0.0860.

The post first appeared on BH NEWS: Dogecoin Rallies Beyond Key Price Point in Crypto Market

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