- DOGE surged by 3.05% on the charts over the last 24 hours
At the time of writing, the memecoin was stuck in a consolidation range between $0.1 and $0.13
As a seasoned analyst with over two decades of experience in the cryptocurrency market, I have seen bull markets rise and bear markets fall. Dogecoin [DOGE], the people’s coin, has always intrigued me due to its unique community spirit and meme-inspired origins.
Over the past month, Dogecoin (DOGE), the world’s most valued meme currency by market capitalization, has seen a substantial increase. At this moment, each DOGE is being exchanged for approximately 0.011 USD, which represents a 3.05% rise in the last day. Notably, DOGE has also been performing well on the weekly and monthly price charts as well.
Even though Dogecoin’s price has significantly increased over time, it is still approximately 85% lower than its all-time high (ATH) in 2021 at $0.73. At the moment, it is also about 51.32% below its highest point this year, which was $0.228.
Regardless, there’s still a lot of enthusiasm within the Dogecoin community, particularly given its recent upward trend in the cryptocurrency market. The current market situation has even led some analysts to predict the possibility of a bull market driven by meme coins.
Among these experts, we have Kevin Capital, who believes that the current moment offers an ideal purchasing chance for DOGE, as it’s poised for a significant increase in value.
What does market sentiment say?
According to Kevin’s examination, Dogecoin is trying to establish a strong rally (bullish retest) within a larger downward trending pattern known as a macro falling wedge. This comes after the coin has experienced the usual 60% dip that occurs during a bull market cycle.
Speaking as a fellow crypto investor, if we manage to successfully test this level again, I firmly believe that Dogecoin (DOGE) could soar to a new local peak, one that outpaces the current $0.13 resistance.
Previously, when Dogecoin escaped this price range, it reached its all-time high (ATH) in 2021. Interestingly, its breakout in 2024 also led to a peak for the year.
Consequently, given this comparison, if the memecoin successfully retests and breaks out, its value is likely to reach a record high within a year.
What does DOGE’s price chart say?
Although the previous point seems promising, it’s crucial to understand what underlying market factors suggest instead.
As a researcher, I have observed that the long/short ratio of Dogecoin, a valuable indicator focusing on the balance between buy and sell volumes, consistently stayed above 1 in the 4-hour chart readings.
As of our last update, the long/short ratio stood at approximately 1.07. This implies that more investors are holding long positions, betting on an increase in price, as they expect the market to rise.
Over the past fortnight, I’ve observed a consistent downward trend in Dogecoin’s Spot Netflow, indicating a pattern of investors removing their DOGE tokens from exchanges and transferring them to personal wallets.
Maintaining this level for an extended period could lead to a shortage of supply, a situation where demand remains high but the available items decrease – Causing prices to rise significantly.
At last, the trading volume for Doge’s Options increased significantly by 118.21%, reaching approximately $120.64 million. This substantial rise often indicates that numerous traders are joining the market, suggesting a growing level of market engagement.
In other words, when there’s a higher number of calls being purchased, it suggests that numerous investors believe the price will keep increasing.
Can Dogecoin finally rally?
Based on AMBCrypto’s assessment, Dogecoin (DOGE) has encountered repeated refusals at the resistance level of $0.130. Given the current optimistic mood in the market, DOGE could potentially benefit from further price increases.
Currently, the price is fluctuating within a narrow range of $0.1 to $0.13. If it surpasses $0.13, Dogecoin could reach its highest point in three months at $0.14. Conversely, if it falls below $0.1, we might see DOGE dip downward.
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2024-10-13 07:04