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Why DOGE Could Be 2024’s Monumental Meme Coin Performer – Crypto News

Published

2 years ago

February 28, 2024

Dripp

Dogecoin price has recently experienced a notable uptick, asserting its presence in the cryptocurrency market with a bullish stride. As Bitcoin tops the $60,000 benchmark, the entire crypto sphere has been painted green, with numerous tokens witnessing a price escalation.

Dogecoin price has increased by more than 4% in the last 24 hours, now trading at approximately $0.09836.

Dogecoin Price Surge Past $0.097 Marks Bullish Trend

This meme coin’s trading volume has surged by an impressive 70%, reaching $1.86 billion. With a market capitalization ranking of 11th, Dogecoin’s value is estimated at $14.12 billion. This strength and market prominence during the cryptocurrency bull market hint at the likelihood of continued growth.

Dogecoin momentarily surpassed the $0.1 threshold earlier today, marking its first occurrence in the past two months. However, this peak was brief, and the price slightly retracted to the $0.097 range, where it presently fluctuates.

Dogecoin Price: Why DOGE Could Be 2024’s Monumental Meme Coin Performer — Dogecoin price chart

After trading between $0.082 and $0.098 for more than a week, Dogecoin gained momentum, breaking past the resistance level. In the last week alone, Dogecoin has surged by over 17%, with a monthly increase of 23%.

Dogecoin has recently emerged as a focal point in the cryptocurrency market thanks to significant interest from large-scale investors, often referred to as “whales.” These investors have been actively accumulating vast quantities of Dogecoin, particularly through transactions on the Robinhood trading platform. This activity has sparked considerable excitement within the cryptocurrency community.

Whale Transactions Signal Strong Market Interest in Dogecoin

A noteworthy development reported by Whale Alert, a platform that monitors blockchain transactions, involved two large transfers by the wallet address DEPewG…gWMAtU. These transactions saw the acquisition of 172.89 million DOGE, with a total value reaching approximately $16.59 million.

🚨 172,893,653 #DOGE (16,598,604 USD) transferred from #Robinhood to unknown wallethttps://t.co/wYmSYwef4q

— Whale Alert (@whale_alert) February 27, 2024

Following this substantial movement, Dogecoin’s market sentiment has shifted towards a more optimistic outlook. Although the cryptocurrency experienced a setback at the $0.10 mark, leading to fluctuations, it now appears to be approaching a critical support level. As it tests this support, the future direction of Dogecoin’s price remains a point of keen interest for observers and investors alike.

Dogecoin Price Analysis: Bullish Outlook Amid Market Fluctuations

The bulls are expected to gain ground if the market sustains Dogecoin’s value above the crucial $0.095 support level. This resurgence could lead them to challenge the $0.09700 resistance level. Successfully maintaining this momentum could pave the way for Dogecoin to make strides towards retesting its higher resistance at $0.3 in the foreseeable future.

On the downward side, if the bears gain the upper hand, the DOGE price could witness a decline in value, pushing it toward the $0.089 support level. A continued bearish trend might further drag the price down, setting it up for a potential test of an even lower support level at $0.085 in the weeks ahead.

Technical indicators offer a glimpse of optimism. The Moving Average Convergence Divergence (MACD) showcases a bullish signal with its green histogram and the MACD line above the signal line, hinting at a buying opportunity. The moving averages heighten the anticipation of a bullish crossover.