As a seasoned crypto investor with over a decade of experience under my belt, I must admit that the recent surge in Dogecoin’s price has caught my attention. Having been through several market cycles, I’ve learned to read between the lines and understand the underlying sentiment.
In simple terms, Dogecoin‘s price soared by approximately 43.4% within the past day, currently sitting at $0.4050. This growth mirrors Bitcoin‘s strong upward trend that reached an unprecedented peak of $89,561. Furthermore, this price increase has shattered a resistance level that had stood for three years, suggesting Dogecoin could revisit its old all-time high and potentially surge beyond it, possibly reaching $1.8.
Dogecoin Price Soars Amid Bitcoin Price Explosion
After Bitcoin’s price increase, Dogecoin currently holds a market value of $53 billion, which is slightly lower than Binance Coin (BNB). This is the highest Dogecoin price in the last 3 years and it is nearly twice as much from reaching its old record high. The next growth phase could potentially see the meme-inspired dog coin surpass both BNB and Solana (SOL), becoming the fourth largest cryptocurrency by market capitalization.
Among the top 10 cryptocurrencies not including stablecoins, Dogecoin (DOGE) stands out as the top performer. In the past 30 days alone, it has skyrocketed by a whopping 252%. Coming in second place is Cardano (ADA), which has seen a significant increase of 66%. Unfortunately, Ripple (XRP) was the least successful asset in the top 10 over the past month, managing to gain just 12%.
Dogecoin Eyes Additional Gains Back To ATH
Following its breakthrough of the $0.35 barrier, Dogecoin’s price appears to face minimal impediments moving forward. The route back to its previous record high appears open, and on-chain indicators suggest a potential prolonged uptrend. Data from Coinglass reveals that there are over $320 million in long positions compared to just $20 million in short positions across Binance, OKX, and Bybit. This disparity suggests that the bullish sentiment prevails in the market, implying that Dogecoin could see further significant gains.
95.25% of Dogecoin investors currently see a profit, while just 0.02% have incurred losses and 4.73% are at break-even point. However, this balance could shift rapidly, as recent data from Coingecko shows that the 24-hour trading volume for Dogecoin has surged by 26%. This surge indicates that investors continue to show interest in the project and may be actively purchasing Dogecoin.
Dogecoin Eyes New All-Time High At $1.8
Given the present instability in Dogecoin’s price fluctuations, experts predict that Dogecoin (DOGE) might soar beyond $1 by year-end. The DOGE chart indicates a robust upward spike emerging from an extended accumulation stage, surpassing key resistance thresholds at approximately $0.23 and $0.35. The next significant resistance is estimated to be around $0.7605, a level that Dogecoin (DOGE) previously touched during its peak in 2021.
The prediction for Dogecoin suggests that it may be about to embark on a strong upward trend, possibly aiming at higher resistance points in the upcoming bullish phase. Should this uptrend continue, it might reach approximately $0.76 as the maximum target during this particular wave.
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2024-11-12 09:36