With the increasing adoption of cryptocurrencies, DOGE has gained significant attention due to its unique branding and community support. After reaching an all-time high in May 2021, DOGE experienced a steep decline but has now started to show signs of a potential uptrend.
The overall crypto market has been experiencing some volatility, but meme coins like Dogecoin (DOGE) and Shiba Inu (SHIB) are making a comeback. DOGE has seen a 35% weekly gain, rising over 8% in the last 24 hours to break above $0.21 level.
At the time of writing, Dogecoin price is trading at around $0.2165, boasting a market cap of $31.1 billion. Furthermore, DOGE’s daily trading volume has skyrocketed to $5.82 billion.
Dogecoin (DOGE) Riding a New Macro Uptrend
In a recent update on X platform, the popular crypto analyst Rekt Capital highlighted that Dogecoin (DOGE) has shifted from a Macro Downtrend to a new Macro Uptrend phase.
Moreover, the analysis from analysts indicates that if Dogecoin successfully closes above the key red level near $0.20 on a monthly basis, it could mark a notable achievement.
This level is historically significant as a support zone, and reclaiming it might fuel further bullish momentum for DOGE’s price to potentially rise towards the $0.30 range or even new ATH level.
$DOGE
— Rekt Capital (@rektcapital) March 28, 2024
Dogecoin has ended its Macro Downtrend
And begun a new Macro Uptrend
And if DOGE Monthly Closes above the red ~$0.20 level…
It would reclaim a historical support that could offer further fuel for a move towards the ~$0.30+ area#DOGE #Crypto #Dogecoin https://t.co/MQRXtFMubo pic.twitter.com/H7muuxiOQv
Can Dogecoin Hit $1 Mark in 2024?
The recent surge in Dogecoin price has sparked bullish momentum, paving the way for a potential rally towards $1. The DOGE token is on track to surpass its previous all-time high of $0.73 in the coming months. Additionally, various on-chain indicators suggest a potential significant uptrend.
The Santiment data reveals a remarkable spike in Dogecoin transaction volume, skyrocketing from 1.22 billion to 9.20 billion in just 48 hours. This surge coincided with a noticeable uptick in overall DOGE activity, suggesting a rise in the frequency of DOGE transfers in recent days.
According to our technical analysis, Dogecoin has the potential to reach a maximum price of $0.387 and the average level to be around $0.342 by the end of 2024. However, the minimum price level can fall to $0.289 if the market gets bearish.
In Conclusion: As we approach the second quarter of 2024, there are several significant developments on the horizon. Moreover, the upcoming Bitcoin halving event could push Bitcoin prices to new heights, lifting the overall market.
Also Read: Bitcoin (BTC): Bitcoin Expected to Hit $100,000 by September 2024
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.
