Dogecoin (DOGE) is a meme-based cryptocurrency that was originally started as a playful nod to a popular internet meme. its value has surged over the years, largely due to the unwavering support of its dedicated user community.
Dogecoin is a leading meme coin in terms of market cap and has skyrocketed by 135% in the last week, hitting its highest point since November 2021. This rapid surge has driven Dogecoin futures to a monumental $1.5 billion in open interest.
Dogecoin has experienced a declining trend line over the past few months, signaling a potential bearish trend. However, the recent surge has broken this downtrend and brought renewed bullish sentiment to the market. In just the past eight days, DOGE skyrocketed by an impressive 135%, jumping from $0.083 to $0.20.
At the time of writing, Dogecoin is trading at $0.1811 with a market cap of $25.9 billion. DOGE has experienced a remarkable 12% surge over the last 24 hours, while the past month has witnessed an impressive increase of 128%. Moreover, the daily trading volume for DOGE has surged by 54% in the preceding 24 hours, reaching $7.8 billion.
Can DOGE Bulls Drive it to Reach New ATH?
The worldwide cryptocurrency market is experiencing bullish sentiment with Bitcoin (BTC) surpassing the $68k level. Moreover, many Analysts and investors are discussing Dogecoin’s recent surge and are optimistic about its potential to reach a new ATH level.
As per our technical analysis, Dogecoin price is currently facing resistance around the $0.27 level. If the DOGE Coin price surpasses $0.27, it may move toward $0.3, then it faces a notable resistance at $0.34.
On the other hand, if Dogecoin fails to maintain bullish momentum above the $0.2 level, it could trigger a downward correction. The level of support is around $0.16 and it may break this level, which could potentially target the $0.13 level.
Moreover, if the crypto market maintains its current bullish rally or any positive news surrounding the crypto market, then Dogecoin may hit its new ATH level by the end of 2024.
Also Read: Bitcoin (BTC) Price Set to Reach All-Time High Soon, What to Expect Next?
Disclaimer
The information in this article should not be considered financial advice, and the OvenAdd platform is intended only to provide educational and general information. Please conduct your own research and consult a financial advisor before making any investment choices.
