Dogecoin surges 45%, eyes further 50% rise
The Most Important Points at a Glance:
- Dogecoin (DOGE) has recorded a price increase of over 45% in recent days.
- There is a possibility that DOGE could rise by another 50% in the coming days.
- Technical analysis shows that DOGE is on the verge of breaking through a key resistance level.
- Investor and whale interest is increasing, indicating a positive price trend.
Current Price Development of Dogecoin
Dogecoin (DOGE), the largest cryptocurrency in the meme sector, has shown an impressive performance in recent days. With an increase of over 45%, DOGE now seems poised for another 50% price rise. This positive development is supported by current market activity and the growing demand from traders and investors.
Technical Analysis: Key Resistance Levels
According to technical analysis, DOGE is currently at a critical resistance level of $0.223 USD. This level was last reached in March 2024. If DOGE breaks through this resistance level and closes above $0.226 USD, the price could rise to as much as $0.34 USD. DOGE is currently trading above the 200-day moving average (EMA), indicating a continued upward trend.
Increasing Interest from Whales and Investors
Another indicator of the potential price rise is the growing interest from large investors, also known as “whales.” According to data from IntoTheBlock, DOGE’s transaction volume has increased by 5.5% in the last 24 hours. This suggests increased involvement from institutional investors, which could further drive the price upward.
Open Interest Indicates Rising Demand
Additionally, analysis from Coinglass shows that DOGE’s open interest (open positions) has risen by 19% in the last 24 hours. Increasing open interest is often a sign that traders are betting on rising prices and opening more positions. This could further support DOGE’s price and contribute to the anticipated increase.
Current Price Situation
At the time of writing this article, DOGE’s price is approximately $0.227 USD. Over the last 24 hours, DOGE has seen an increase of 8.9%, while trading volume has risen by 43%. These figures indicate growing interest from traders and investors hoping for an imminent breakout.
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Our Assessment
Dogecoin currently shows strong signs of continuing its upward trend. The combination of technical analysis, increasing demand from whales and investors, and growing open interest suggests a positive price development. If DOGE breaks through the resistance level of $0.226 USD, another 50% increase could be realistic. However, traders should closely monitor market conditions, as cryptocurrencies are known to be highly volatile.
Sources
| Symbol | DOGE |
| Coin type | Alt Coin |
| Transaction Speed | Medium |
| Pros |
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| Cons |
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| Price | $0.37 |
| 24h % | -7.78 % |
| 7d % | 86.31 % |
| 30d % | 212.38 % |
| 60d % | 263.50 % |
| 1y % | 403.82 % |
| Market Cap | $53,679,239,373.00 |
| Official Links | Website | Source Code |
| Socials | Reddit | X |
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