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The crypto market has been heated with the remarkable rally of Dogecoin (DOGE) and the digital asset that has captured the attention of investors worldwide. According to the latest market data, Dogecoin is currently trading at $0.2159, representing over 38% increase over the past seven days and an impressive 10.06% gain in the last 24 hours as of writing.
DOGE Data Chart (CoinMarketCap)
With a market capitalization of over $31 billion, Dogecoin has solidified its position as the 8th largest cryptocurrency by market cap. The 24-hour trading volume stands at over $5.8 billion while the circulating supply and the total supply at 143,661,466,384 DOGE.
From a technical analysis perspective, Dogecoin has been riding a wave of bullish momentum since breaking out from a descending trendline in late February 2024. This breakout has fueled an impressive rally, propelling the cryptocurrency to test a high of $0.22899 yesterday March 28th, 2024 – a level that was last seen in December 2021 and represents a significant resistance zone.
DOGEUSD Weekly Chart (TradingView)
The weekly chart paints a picture of sustained bullish sentiment, with the last weekly candle closing bullish. However, the weekly Relative Strength Index (RSI) currently stands at an extreme overbought level of 82.27, suggesting that a retracement or downside movements may be on the horizon in the near term, especially considering the price rejection at the resistance level.
On the daily chart, Dogecoin's price has been trading in respect to the strong resistance level of $0.22899, which provided a rejection after the latest bullish run since March 20th. If the bulls can maintain their momentum and facilitate a breakout beyond this resistance, prices could potentially rally to new highs around $0.30000 or beyond.
DOGEUSD Price Chart (TradingView)
Conversely, if the bears regain control, Dogecoin's price may drop to test the immediate support level at $0.12626 and potentially the descending trendline slightly below it before the bullish move can continue.
Today, Dogecoin opened its market price at $0.2200 and has recorded a high of $0.22484, with the RSI currently standing at 69.52, indicating a moderately overbought condition on the daily timeframe.
The 4-hour chart reinforces the notion of Dogecoin trading in respect to the strong resistance level. If the bears maintain their grip, the price may retrace to retest double support ( The breakout of the descending triangle it breached on March 23rd and the second shoulder of the inverted head & shoulder pattern. Failure to hold at this level could potentially lead to a further decline toward the $0.12626 support level.
DOGEUSD 4 – Hour Chart(TradingView)
Dogecoin's rally coincides with a rising number of wallet addresses on its blockchain, now exceeding 6.27 million, potentially driven by the Dogecoin Foundation's GigaWallet v1.0 for enabling business payments as transaction volume surged to $9.22 billion within 48 hours, indicating growing interest.
Additionally, Elon Musk's comments about enabling Dogecoin payments for Tesla merchandise and hinting at accepting it for Tesla cars have further boosted the meme coin's popularity and price.
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Disclaimer: Analytics Insight does not provide financial advice or guidance. Also note that the cryptocurrencies mentioned/listed on the website could potentially be scams, i.e. designed to induce you to invest financial resources that may be lost forever and not be recoverable once investments are made. You are responsible for conducting your own research (DYOR) before making any investments. Read more here.
