Why DOGE May Reach An ATH In 2024
As the price of the largest crypto token in the market turned bullish, a number of other crypto tokens also followed a similar trend, with Dogecoin being one of them.
While there was a surge in the price of the leading meme token, it replicated a pattern that had been seen in the last bull rally in the market, which hinted towards a further uptrend.
The rise
It was reported a few days ago that the price of the largest meme token in the market was in a consolidation zone, which means that it was recording sideways movement.
These episodes usually precede days of high volatility. This turned out to be true in the case of Dogecoin because it saw a surge in its value.
Data from CoinMarketCap showed that there was a 5.5% in the price of Dogecoin in the last 24 hours alone.
At publishing time, the meme token was changing hands at $0.0908, with its total market cap of more than $13 billion, making it the 10th largest crypto token in the market.
If the latest data is to be taken into account, then there might be a further bull rally in the price of the popular meme token, as it was mimicking the same actions that occurred in the last one.
The analyst
A popular crypto analyst, Ali Martinez, had said on 26th February that the price of Dogecoin was mirroring patterns that had been seen in its previous bull markets.
If the said trend continues, then DOGE might record a parabolic breakout in April. But, this is a long-term analysis.
However, data from Santiment shows that the social volume of the dog-themed meme token remains high because of its bullish price action.
This has also had a positive impact on market sentiment, as the recent past saw the weighted sentiment graph go up.
The indicators
A look at the daily chart of Dogecoin showed that the Moving Average Convergence Divergence (MACD) of the meme token had seen a bullish crossover.
Furthermore, there was also an uptick recorded in the Relative Strength Index (RSI), which showed that there was a high chance of continued northward price movement.
There is strong resistance for the meme token at the $0.097 level and a breakout above this level might help the original meme token reach new highs in the next few weeks.
Other than these indicators and metrics, the network activity of Dogecoin has also remained on par. Data from Santiment shows that the daily active addresses of DOGE remained high in the previous week.
In addition, the meme token also recorded a high transaction count, which is generally considered a positive sign for a token.
To put it simply, DOGE is displaying a positive trend and if it continues on the same path, there might be more gains coming its way.
