Dogecoin (DOGE) Price Up 19% This Week, Can It Explode Soon?
Release: 2024/07/23 18:49 Reading: 368
Dogecoin: Bullish Surge Fueled by Pattern Breakout
Dogecoin, the popular memecoin, has experienced a remarkable rally, breaking out of a crucial support level of $0.09733. This surge has sparked optimism in the crypto market, which has been resonating green since Bitcoin's sustained recovery from July 5th.
Dogecoin boasts a market capitalization of $19.978 billion, ranking 8th among the top 10 cryptocurrencies on CoinMarketCap. Its price action exhibits a strong correlation (0.92) with Bitcoin, suggesting a significant influence by the market leader.
At the time of writing, DOGE trades at $0.13775 with a 5% intraday gain. This week, it has surged by 19%, with a nearly 50% increase in the past two weeks. The 24-hour trading volume has also spiked by 34%, indicating strong liquidity.
On-Chain Analysis for Dogecoin
According to Messari, Dogecoin's market dominance stands at 0.8%, while its transaction volume has reached a substantial $363 million. Miner revenue has also increased to $1.92 million.
Dogecoin's social media presence remains significant, with 2.46 million Reddit subscribers and 3.98 million followers on X.
The on-chain data also reveals that $1.27 billion worth of transactions exceeding $100K occurred in the past seven days. The total number of addresses holding DOGE is 6.53 million, with an average holding time of 2.3 years.
Whales continue to hold a significant stake in DOGE, controlling approximately 41.56% (64.48 billion tokens) of the circulating supply.
Technical Analysis of Dogecoin's Daily Chart
The daily chart presents a bullish pattern in the form of a falling wedge breakout. The rally initiated from $0.09733 has breached the upper boundary of the wedge, surpassing $0.12826.
Indicators suggest continued bullish momentum. The MACD has moved above zero with a histogram at 0.00388. EMA bands now provide support, while RSI indicates bullish presence with a reading of 62.93.
If buyers maintain their interest and $0.12826 holds, the next resistance levels to watch are $0.1747 and $0.22562, respectively.
Conversely, if DOGE loses traction at $0.12826, it could retest support at $0.09733 and $0.05729.
Conclusion
Dogecoin's 50% surge over the past two weeks has been fueled by Bitcoin's rally and a breakout from a bullish pattern. Its current trading price of $0.13775 suggests potential for further gains. Whether it reaches $0.17 this year will depend on market conditions and investor sentiment.
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