The expansion of Dogecoin has lagged this yr, however the meme coin lately 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 keep its momentum and proceed to rocket ahead.
DOGE began as a meme token however has grown to grow to be an outlier amongst cryptocurrencies up to now few years. Regardless of posting a double-digit p.c rise in value, the crypto noticed itself lagging behind through the late October and early November positive factors when nearly all of cryptocurrencies recovered from the lengthy bearish market of the primary half of the yr.
Dogecoin Worth 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% up to now seven days, the most effective positive factors amongst prime cryptocurrencies. This latest value acquire noticed DOGE attain $0.08715, its highest degree since April 2023.
DOGE buying and selling quantity on varied exchanges is up by 30.7% up to now 24 hours. On the identical time, change information from IntoTheBlock’s Order Books metrics reveal an fascinating present overview of the ability battle between bulls and bears. In keeping with the buying and selling books 14 crypto exchanges tracked by IntoTheBlock, the bulls look to have the higher edge in the mean time.
DOGE market cap at present at $12.07 billion on the each day chart: TradingView.com
On the time of writing, consumers 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 consumers than sellers, which might create shortage and proceed to drive the worth up.
Can Bulls Take DOGE Above $0.3?
In gentle of the worth surge and a few on-chain metrics, information means that the crypto is perhaps on its approach to a sustained value enhance. DOGE instantly bounced off what looks as if a resistance on the $0.08715 degree 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 keep a robust break above the resistance at $0.087 on the convergence of the 0.786 Fibonacci degree and the 100-week and 200-week Transferring Averages. Then, the subsequent resistance to look at can be the yearly excessive of $0.096 in April.
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