๐ Dogecoin Price Surges Amid Meme Coin Hype ๐
After facing instability and high volatility earlier this week, Dogecoin price has ascended to $0.1667 on Friday. This renewed bullish sentiment comes amid a new wave of meme coin hype, with top meme coins like Shiba Inu and Pepe rallying extensively last week, assuring investors that the sector is far from being dead.
๐ Dogecoin Price Performance ๐
โ Dogecoin price has sustained a 10% increase over the last 24 hours on top of a whopping 100% surge in 30 days.
โ It currently ranks 9th among cryptocurrencies with a market cap of $23.9 billion.
โ The massive spike in trading volume to $3.2 billion reflects growing investorsโ interest in the token.
โ๏ธ Evaluating Dogecoin Price Technical Structure As Bulls Target $1 โ๏ธ
Dogecoin price is currently hovering above the daily open at $0.1579. However, it appears to falter due to 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.
Key Technical Levels:
โ Support: Intraday traders should watch out for dips, especially as overhead pressure increases. 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.
โ Resistance: If Dogecoin experiences a 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.
๐ Fundamentally Strong ๐
Fundamentally, Dogecoin is poised to continue its rally and eye new record highs. Blockchain analytics firm IntoTheBlock reveals a massive uptick in the number of active addresses. Active addresses make up the wallets that interact with the blockchain by sending or receiving tokens. The number of active addresses has increased from approximately 97,000 in February to over 191,000 currently. Newly created addresses also reflect the same enthusiasm, increasing from around 28,000 to 116,000 in the period.
๐ก Trading Strategy ๐ก
The persistent growth in network activity backs the bullish outlook for Dogecoin. Traders may consider loading up on DOGE as it moves sideways between support at $0.16 and resistance at $0.17. The next move will likely blast past $0.2 and trigger FOMO (fear of missing out) toward $1 in the long run.
๐ฅ Hot Take: Dogecoin Surges Amid Meme Coin Hype ๐ฅ
Dogecoin price has experienced a significant surge amid a new wave of meme coin hype. The strong performance of top meme coins like Shiba Inu and Pepe has reassured investors that this sector is still alive and kicking. With a 10% increase over the last 24 hours and a massive surge in trading volume, Dogecoin is attracting growing interest from investors.
The technical structure of Dogecoinโs price indicates that bulls are targeting the $1 mark, but they face resistance levels at $0.17 and $0.18. However, there is strong support at $0.16, backed by the 20-day EMA and the 38.2% Fibonacci level.
Fundamentally, Dogecoin is showing strength with a significant increase in active addresses and newly created addresses. This indicates growing enthusiasm and network activity for the cryptocurrency.
Traders may want to consider taking advantage of the current sideways movement between $0.16 and $0.17 to load up on DOGE, as the next move could push the price past $0.2 and trigger FOMO toward the $1 mark in the long run.
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