The growth of Dogecoin has lagged this year, but the meme coin recently went on a rally in the last week, hitting four-month highs. The question that still has to be answered is whether or not the cryptocurrency can maintain its momentum and continue to rocket forward. 

올해 도지코인의 성장세는 주춤했지만, 밈코인은 최근 지난주 랠리를 펼치며 4개월 만에 최고치를 기록했습니다. 여전히 대답해야 할 질문은 암호화폐가 추진력을 유지하고 계속해서 발전할 수 있는지 여부입니다.

DOGE started as a meme token but has grown to become an outlier among cryptocurrencies in the past few years. Despite posting a double-digit percent rise in price, the crypto saw itself lagging behind during the late October and early November gains when the majority of cryptocurrencies recovered from the long bearish market of the first half of the year. 

Dogecoin Price Rallies To 4-Month Highs

Dogecoin 가격이 4개월 최고치로 상승

After reaching its monthly low of $0.0565 in October, Doge experienced a gain of 21%, and then it experienced a gain of 22% in November, resulting in the formation of two consecutive monthly green candles for the first time since October 2022. The crypto has continued on this trajectory, and its price has increased by 9.1% in the past seven days, one of the best gains among top cryptocurrencies. This recent price gain saw DOGE reach $0.08715, its highest level since April 2023. 

DOGE trading volume on various exchanges is up by 30.7% in the past 24 hours. At the same time, exchange data from IntoTheBlock’s Order Books metrics reveal an interesting current overview of the power struggle between bulls and bears. According to the trading books 14 crypto exchanges tracked by IntoTheBlock, the bulls look to have the upper edge at the moment. 

다양한 거래소의 DOGE 거래량은 지난 24시간 동안 30.7% 증가했습니다. 동시에 IntoTheBlock의 Order Books 지표에서 얻은 교환 데이터는 황소와 곰 사이의 권력 투쟁에 대한 흥미로운 현재 개요를 보여줍니다. IntoTheBlock이 추적하는 14개 암호화폐 거래소 거래 장부에 따르면 현재 상승세가 우위에 있는 것으로 보입니다.

At the time of writing, buyers have placed buy orders of 901.7 million DOGE at an average price of $0.085112. Meanwhile, sellers have only put up 848.13 million DOGE for sale at an average price of $0.085137. This interesting dynamic indicates that there are considerably more buyers than sellers, which could create scarcity and continue to drive the price up.

Can Bulls Take DOGE Above $0.3? 

In light of the price surge and some on-chain metrics, data suggests that the crypto might be on its way to a sustained price increase. DOGE immediately bounced off what seems like a resistance at the $0.08715 level and is currently trading at $0.08515. Although DOGE is up by 21% since the beginning of the year, it is 13% down from December 3, 2022. 

DOGE went on a spectacular 525% run the last time it closed two consecutive monthly green candles. If history repeats itself, the crypto could shoot past $0.55 in the coming months. The first step would be to move back up and maintain a strong break above the resistance at $0.087 on the convergence of the 0.786 Fibonacci level and the 100-week and 200-week Moving Averages. Then, the next resistance to watch would be the yearly high of $0.096 in April. 

DOGE는 지난번 두 달 연속 녹색 캔들을 마감했을 때 놀라운 525%의 상승세를 보였습니다. 역사가 반복된다면 암호화폐는 앞으로 몇 달 안에 0.55달러를 넘어설 수 있습니다. 첫 번째 단계는 다시 상승하여 0.786 피보나치 수준과 100주 및 200주 이동 평균이 수렴되는 저항선인 $0.087 위에서 강력한 돌파를 유지하는 것입니다. 그러면 다음 시계 저항은 4월의 연간 최고치인 0.096달러가 될 것입니다.

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