Dogecoin (DOGE) has shown resilience in the volatile crypto market, currently trading at $0.125355. This represents a 4.80% increase in the last 24 hours, supported by a substantial trading volume of $828,233,584. The recent price movement indicates that DOGE is mirroring patterns observed in leading cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and Solana (SOL).
Dogecoin’s price action has been relatively constant with small oscillations. The coin has traded within a narrow range which has helped it remain stable even during broader market movements. This consolidation phase is very important to DOGE because it sets up a good base for future potential rallies.
DOGE Technical Indicators signal uptrend
The Relative Strength Index (RSI) is currently at 68.11 thereby approaching the overbought region. An RSI above 70 often signals an asset that is overbought and may be due for a correction. However, the current level suggests some more space for upward movement before any significant pullback takes place.
The Bollinger Bands that measure volatility and provide a range in which prices are expected to trade show DOGE nearing the upper band at $0.13025.The middle band acts as a dynamic support level set around $0.12044 while the lower band is placed near $0.11062.Trading close to the upper band shows strong buying pressure but caution should prevail among traders for possible reversals if the price goes too far above this level.
Furthermore, Dogecoin trades above its Simple Moving Average of 20 days enhancing bullish sentiments. The SMA provides support for around $0.12044.Staying higher than this level is significant in maintaining an ongoing uptrend. In its recent price action, DOGE tested and held this support thus reinforcing its bullish view.
Dogecoin Hits Major Milestone as Wallet Addresses Surge, Analysts Predict $1 Target
One of the main milestones for Dogecoin (DOGE) is the number of wallet addresses holding the viral meme coin, which just hit 90 million. This growth demonstrates that Dogecoin is becoming more and more popular and widely used among individuals who are willing to invest in it. According to IntoTheBlock’s data, there are now over 90 million addresses that have had at least one DOGE token in them at some point or another but still hold onto them.
Out of these, around four million seven hundred sixty thousand addresses presently keep dogecoins tokens signifying a healthy interest from investors. This has occurred during a time when the crypto market has been witnessing renewed interest from investors towards dog-themed meme coins such as Dogecoin.
The rise in the number of wallets containing Dogecoin suggests that its future may be bullish. Aiden from X (formerly Twitter), among other analysts, expresses confidence about the future of Dogecoin by predicting it will reach $1 by December 2024 through his tweets. Other experts also see strong reasons why Dogecoin may assume a huge positive position soonest possible. Last week saw Dogecoin perform strongly with gains on Monday accelerating above $0.12 and peaking at $0.125355 within hours. This price increase was consistent with wider trends across markets where major cryptocurrencies have been resilient and recovering, all giving good reason for optimism regarding the coin’s prospects.
Looking forward, Dogecoin has its primary resistance at $0.13025, which is the upper Bollinger Band. A successful breakout above this could open doors for further gains targeting $0.14 respectively. On the other side immediate support lies at middle Bollinger Band around $0.12044.Maintaining above this level will prevent Dogecoin from making a huge correction downward.
