Why Dogecoin might reach an ATH in Q2 2024

DOGE was up by more than 5% in the last 24 hours.
Dogecoin was mimicking its last bully cycle’s performance, and several metrics also looked bullish.

As Bitcoin’s [BTC] price turned bullish, several other cryptos also followed a similar trend, and Dogecoin [DOGE] was one of them. While the meme coin’s price surged, it replicated a pattern that it had earlier showcased during the last bull rally, hinting at a further uptrend.

Dogecoin is getting off the leash

AMBCrypto reported a few days ago that Dogecoin’s price was in a consolidation zone, meaning that it was moving sideways. Such episodes are often followed by days of high volatility. That turned out to be true on this occasion, as the meme coin’s value surged.

As per CoinMarketCap, DOGE was up by more than 5.5% in the last 24 hours alone. At the time of writing, DOGE was trading at $0.0908 with a market capitalization of over $13 billion, making it the 10th largest crypto.

In fact, if the latest data is to be considered, DOGE’s price might witness a further bull rally as it was mimicking its last bull cycle’s actions.

Ali, a popular pseudonymous crypto analyst, posted a tweet on 26th February mentioning that DOGE’s price appeared to mirror patterns observed in its past bull markets. If the trend continues, then investors might witness a parabolic breakout of DOGE in April.

What investors should expect

Since this was a somewhat long-term analysis, AMBCrypto checked DOGE’s current state to understand whether there is anything in store in the short term.

Our analysis of Santiment’s data revealed that DOGE’s social volume remained high, thanks to its bullish price action. This also positively affected market sentiment, as Dogecoin’s weighted sentiment graph went up in the recent past.

Source: Santiment

To understand whether the on-going bull rally would last, we then had a look at DOGE’s daily chart. The analysis revealed that DOGE’s MACD displayed a bullish crossover.

Additionally, its Relative Strength Index (RSI) also registered an uptick, indicating that the chances of a continued northward price movement were high. The meme coin faces strong resistance near $0.097, and a breakout above that level might help DOGE reach new highs in the coming weeks.

Source: TradingView

How much are 1,10,100 DOGEs worth today

Apart from these aforementioned metrics and indicators, the meme coin’s network activity also remained on par. A look at Santiment’s data pointed out that DOGE’s daily active addresses remained high throughout the last week.

Moreover, its transaction count was also high, which is generally a positive signal for a crypto.