The expansion of Dogecoin has lagged this yr, however the meme coin not too long ago went on a rally within the final week, hitting four-month highs. The query that also needs to be answered is whether or not or not the cryptocurrency can preserve its momentum and proceed to rocket ahead.
DOGE began as a meme token however has grown to turn out to be an outlier amongst cryptocurrencies previously few years. Regardless of posting a double-digit % rise in value, the crypto noticed itself lagging behind throughout the late October and early November positive factors when the vast majority of cryptocurrencies recovered from the lengthy bearish market of the primary half of the yr.
Dogecoin Value Rallies To 4-Month Highs
After reaching its month-to-month low of $0.0565 in October, Doge skilled a acquire of 21%, after which it skilled a acquire of twenty-two% in November, ensuing within the formation of two consecutive month-to-month inexperienced candles for the primary time since October 2022. The crypto has continued on this trajectory, and its value has elevated by 9.1% previously seven days, among the best positive factors amongst prime cryptocurrencies. This current value acquire noticed DOGE attain $0.08715, its highest stage since April 2023.
DOGE buying and selling quantity on numerous exchanges is up by 30.7% previously 24 hours. On the similar time, alternate knowledge from IntoTheBlock’s Order Books metrics reveal an fascinating present overview of the ability battle between bulls and bears. In response to the buying and selling books 14 crypto exchanges tracked by IntoTheBlock, the bulls look to have the higher edge in the intervening time.
DOGE market cap at present at $12.07 billion on the day by day chart: TradingView.com
On the time of writing, patrons have positioned purchase orders of 901.7 million DOGE at a median value of $0.085112. In the meantime, sellers have solely put up 848.13 million DOGE on the market at a median value of $0.085137. This fascinating dynamic signifies that there are significantly extra patrons than sellers, which might create shortage and proceed to drive the value up.
Can Bulls Take DOGE Above $0.3?
In gentle of the value surge and a few on-chain metrics, knowledge means that the crypto is perhaps on its strategy to a sustained value improve. DOGE instantly bounced off what looks as if a resistance on the $0.08715 stage and is at present buying and selling at $0.08515. Though DOGE is up by 21% because the starting of the yr, it’s 13% down from December 3, 2022.
DOGE went on a spectacular 525% run the final time it closed two consecutive month-to-month inexperienced candles. If historical past repeats itself, the crypto might shoot previous $0.55 within the coming months. Step one can be to maneuver again up and preserve a powerful break above the resistance at $0.087 on the convergence of the 0.786 Fibonacci stage and the 100-week and 200-week Shifting Averages. Then, the following resistance to look at can be the yearly excessive of $0.096 in April.
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