Dogecoin Price Aiming $1 As Rival Meme Coins Become Attractive

By admin On Мар 8, 2024

After facing instability and high volatility earlier this week, Dogecoin price had ascended to $0.1667 on Friday. The largest meme coin renewed bullish sentiment comes amid a new wave of meme coin hype. Top meme coins like Shiba Inu and Pepe rallied extensively last week, assuring investors that the sector is far from being dead.

Dogecoin price sustains a 10% increase over the last 24 hours on top of a whopping 100% surge in 30 days, according to CoinGecko.

Weathering the storm this week bolstered the uptrend backed by support at $0.13. The massive spike in trading volume to $3.2 billion mirrors growing investors’ interest in the token targeting $1 before Bitcoin halving.

Dogecoin has also booked a spot among the top ten cryptos, ranking 9th with a market cap of $23.9 billion.

Evaluating Dogecoin Price Technical Structure As Bulls Target $1

Dogecoin price hovers above the daily open at $0.1579. While all the four-hour candles close above this level, DOGE appears to falter due to the seller congestion at $0.17.

Bulls have an uphill task to increase confidence in the uptrend, starting with a breakout above the major hurdle at $0.2. In addition to the short-term resistance at $0.17, another congestion at $0.18 threatens to dampen the tail force.

Dogecoin price chart | Tradingview

Intraday traders considering new positions in DOGE may want to watch out for dips, especially now that overhead pressure is ballooning.

The confluence support at $0.1606 formed by the 20-day Exponential Moving Average (EMA) in collaboration with the 38.2% Fibonacci level, is a potential demand area.

If Dogecoin overstretches the correction, there are multiple levels bulls can rely on to reduce the intensity of the fall, including the ascending trendline, and the 50-day EMA (the line in red on the chart).

Fundamentally, Dogecoin is poised to continue with the rally eyeing new a record high. Blockchain analytics firm IntoTheBlock, reveals a massive uptick in the number of active addresses.

Active addresses make up the wallets interacting with the blockchain by sending or receiving tokens. From a February low of approximately 97,000, this cohort of addresses currently holds above 191,000.

Newly created addresses reflect the same enthusiasm, increasing from around 28,000 to 116,000 in the period.

Dogecoin network stats | IntoTheBlock

The persistent growth in network activity backs the bullish outlook in Dogecoin. Therefore, traders may consider loading up on DOGE as it moves sideways between support at $0.16 and resistance at $0.17, as the next move will likely blast past $0.2 and trigger FOMO toward $1 in the long run.

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