Why Dogecoin Could Reach a New High by the Second Quarter of 2024
Journalist
Posted:
- DOGE is up more than 5% in the last 24 hours.
- Dogecoin mimicked the performance of its last bully cycle, and several metrics also looked bullish.
When the price of Bitcoin [BTC] turned bullish, several other cryptos also followed a similar trend, and Dogecoin [DOGE] was one of them. As the meme coin’s price skyrocketed, it repeated a pattern it previously exhibited during the last bull rally, indicating further uptrend.
Dogecoin comes off the leash
AskFX reported a few days ago that the price of Dogecoin was in a consolidation zone, meaning it was moving sideways. Such episodes are often followed by days of high volatility. This turned out to be true on this occasion as the value of the meme coin skyrocketed.
According to CoinMarketCapDOGE is up more than 5.5% in the last 24 hours alone. At the time of writing, DOGE was trading at $0.0908 with a market cap of over $13 billion, making it the 10th largest cryptocurrency.
Considering the latest data, DOGE price could actually witness another bullish rally as it mimics the actions of its last bullish cycle.
Ali, a popular pseudonymous crypto analyst, posted a tweet on February 26th in which he mentioned that DOGE’s price appeared to reflect patterns observed in its past bull markets. If the trend continues, investors could see a parabolic breakout for DOGE in April.
What investors should expect
Since this was a more long-term analysis, AskFX checked the current level of DOGE to understand if there is anything in store in the short term.
Our analysis of Santiment’s data found that DOGE’s social volume remained high thanks to its bullish price action. This also had a positive impact on market sentiment as Dogecoin’s weighted sentiment graph has been rising in the recent past.
Source: Santiment
To understand whether the ongoing bull rally would continue, we then looked at the daily chart of DOGE. The analysis revealed that DOGE’s MACD exhibited a bullish crossover.
Additionally, its Relative Strength Index (RSI) also saw an increase, indicating that the chances of a sustained northward price movement were high. The meme coin is facing strong resistance near $0.097, and a breakout above this level could help DOGE set new highs in the coming weeks.
Source: TradingView
How much is 1,10,100 DOGEs worth today
Apart from these metrics and indicators mentioned above, the meme coin’s network activity also remained at par. A look at Santiment’s data showed that DOGE’s daily active addresses remained high over the past week.
In addition, the number of transactions was also high, which is generally a positive signal for a cryptocurrency.
Source: Santiment
