Price: $0.39678 3.4477%
Market Cap: 58.28B 1.7642%
Volume (24h): 8.47B 0.4%
Dominance: 1.7642%
Price: $0.39678 3.4477%
Market Cap: 58.28B 1.7642%
Volume (24h): 8.47B 0.4%
Dominance: 1.7642% 1.7642%
  • Price: $0.39678 3.4477%
  • Market Cap: 58.28B 1.7642%
  • Volume (24h): 8.47B 0.4%
  • Dominance: 1.7642% 1.7642%
  • Price: $0.39678 3.4477%
Home > Information news > Dogecoin’s Soaring Market Performance Defies Crypto Correction

Dogecoin’s Soaring Market Performance Defies Crypto Correction

Release: 2024/03/30 03:29 Reading: 590

Original author:BH NEWS

Original source:https://coinmarketcap.com/community/articles/66070c0b7572b853c0842043

Dogecoin’s Soaring Market Performance Defies Crypto Correction

You can also read this news on BH NEWS: Dogecoin’s Soaring Market Performance Defies Crypto Correction

Defying the larger trend of market correction within the cryptocurrency realm, Dogecoin (DOGE) has seen a significant uptick in its value during the latter part of March. From a low of $0.122, the meme-inspired token soared by 78%, reaching a value of $0.21. This surge indicates a robust response from investors and hints at a possible continuation of this upward trajectory.

Surge in Trading Activity Boosts DOGE

The recent rise in Dogecoin’s value broke past the upper resistance level of $0.2, suggesting the coin may be on track for further gains. The recovery parallels that of Bitcoin, which has begun climbing up from $60,000. Dogecoin’s sharp rebound from key technical support levels, coupled with a surge in trading volume, signifies strong buying momentum and investor interest in the token.

In a recent two-week period, large-scale investors, known as ‘whales’, have significantly increased their DOGE holdings, purchasing around 1.4 billion coins. This equates to an investment of $280 million, underlining their confidence in Dogecoin’s prospects. Despite a slight intraday loss of 2.4% after hitting a peak price of $0.2288, the highest in 28 months, the coin’s value is likely to test former resistance turned support levels.

Long-Term Outlook Shows Bullish Pattern

Analysts have observed a rounded bottom pattern in Dogecoin’s chart, which suggests a slow but steady shift from bearish to bullish momentum. This pattern, alongside the recent price rally, could motivate investors to target higher price points of $0.27 and subsequently $0.3. The formation of this pattern, bolstered by Bitcoin’s recovery and significant DOGE accumulation by whales, indicates a promising long-term upward trend for the cryptocurrency.

The post first appeared on BH NEWS: Dogecoin’s Soaring Market Performance Defies Crypto Correction

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