- DOGE has surged by 19.36% over the past month.
Strengthening fundamentals and historical performance suggest an upcoming rally.
As a seasoned researcher with years of experience in the ever-evolving world of cryptocurrencies, I find myself increasingly intrigued by the recent surge in Dogecoin [DOGE]. The memecoin has shown remarkable resilience and strength over the past month, defying the odds and consistently making highs.
Dogecoin (DOGE), the most prominent digital currency based on internet memes by market value, has experienced notable growth over its monthly price charts. After reaching a bottom at $0.08 in early September, DOGE has been steadily hitting new heights.
Currently, the price of DOGE is at $0.1184, which represents a significant jump of 19.36% over the last 30 days and a more modest rise of 9.14% during the past seven days.
However, the last 24 hours have seen a decline with the memecoin dropping by 3.65%.
Regardless of the day-to-day dips, analysts remain optimistic about the long-term path of this memecoin, as its overall gains have been substantial. One cryptocurrency expert even predicts a potential rally due to the durability of three key factors that could fuel DOGE‘s growth.
Factors that could drive Dogecoin’s surge
The analyst cited historical performances and their relationship with the current market trend.
The analyst states that when Dogecoin (DOGE) breaks free from a downward trending channel, it tends to see significant increases. Last week, this breakout occurred, suggesting that an upward trend may soon follow.
Similarly, it was noted by the analyst that Dogecoin tends to have enormous percentage growths in each cycle. As an example, during its initial cycle, Dogecoin experienced a staggering 9,363% rise, while in the following cycle, this figure skyrocketed to 29,626%.
In each cycle, Dogecoin tends to experience greater growth than the one before. Given this pattern, we can anticipate that the next cycle may bring even larger returns.
Additionally, several other factors in today’s market might propel DOGE to unprecedented heights. First and foremost, the increasing acceptance of this meme-based coin is significant, as it has consistently seen an upward trend in transactions. This growing popularity could potentially trigger a surge in demand.
Additionally, the accessibility of Dogecoin (DOGE), being a meme coin with a relatively low cost compared to other cryptocurrencies, may draw in more investors. This could result in a wider range of participants in the market.
In the end, advancements in technology are expected to boost Dogecoin even more. With improvements such as quicker transaction handling and enhanced security, these features could significantly increase Dogecoin’s usefulness and popularity.
Consequently, considering the trends highlighted by the analyst, it’s plausible that DOGE might experience more growth during the forthcoming market cycle.
What DOGE charts say
It’s clear that the analyst presents a strong argument for potential price fluctuations in Dogecoin. However, the question remains, what insights do other fundamental factors provide?
To begin with, the number of transactions for Dogecoin has significantly increased and it now exceeds all other meme-based cryptocurrencies. As reported by IntoTheBlock, there has been a rapid increase in Dogecoin’s transactions over the past week.
In other words, over the last week, this memecoin was involved in approximately 782,000 transactions, which accounted for about 74.45% of all such transactions during that timeframe. This trend indicates a rise in user activity and network engagement, pointing towards a reinforcement of its underlying foundations.
In the recent past week, many investors have generally chosen to invest with a “buy” strategy for Dogecoin (DOGE), as suggested by the overall positive financing fee collected by the trading platform during this period.
Investors’ actions in this market indicate they are buying and holding onto the memecoin with a higher price, demonstrating their faith in its future growth trajectory.
To sum up, over the past six days, there’s been an increase in the number of large Dogecoin holders retaining their coins rather than selling them. This rise in large holder netflow indicates that big players are accumulating Dogecoin, whereas decreases suggest they’re either reducing their positions or offloading some coins.
With a sustained positive netflow, it implies that large holders are increasing their positions.
Read Dogecoin [DOGE] Price Prediction 2024-2025
In simpler terms, Dogecoin (DOGE) is currently showing a robust upward trend due to its solidifying underlying factors. If this bullish attitude persists, it’s likely that Dogecoin will overcome the $0.12 resistance level in the near future.
A breakout from here will see a surge to $0.135.
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2024-10-01 20:08