The expansion of Dogecoin has lagged this 12 months, 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 develop into an outlier amongst cryptocurrencies previously few years. Regardless of posting a double-digit % rise in worth, the crypto noticed itself lagging behind through the late October and early November beneficial properties when the vast majority of cryptocurrencies recovered from the lengthy bearish market of the primary half of the 12 months.
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 worth has elevated by 9.1% previously seven days, among the finest beneficial properties amongst prime cryptocurrencies. This current worth 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% previously 24 hours. On the identical time, change information from IntoTheBlock’s Order Books metrics reveal an fascinating present overview of the facility battle between bulls and bears. In line with the buying and selling books 14 crypto exchanges tracked by IntoTheBlock, the bulls look to have the higher edge for the time being.
DOGE market cap presently at $12.07 billion on the every day chart: TradingView.com
On the time of writing, patrons have positioned purchase orders of 901.7 million DOGE at a median worth of $0.085112. In the meantime, sellers have solely put up 848.13 million DOGE on the market at a median worth of $0.085137. This fascinating dynamic signifies that there are significantly extra patrons than sellers, which may create shortage and proceed to drive the worth up.
Can Bulls Take DOGE Above $0.3?
In mild of the worth surge and a few on-chain metrics, information means that the crypto is perhaps on its method to a sustained worth improve. DOGE instantly bounced off what looks like a resistance on the $0.08715 degree and is presently buying and selling at $0.08515. Though DOGE is up by 21% for the reason that starting of the 12 months, 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 may shoot previous $0.55 within the coming months. Step one can be to maneuver again up and keep a powerful break above the resistance at $0.087 on the convergence of the 0.786 Fibonacci degree 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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