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Dogecoin Rallies To 4-Month Highs, Can Bulls Take It Above $0.3?


The expansion of Dogecoin has lagged this 12 months, however the meme coin lately went on a rally within the final week, hitting four-month highs. The query that also must be answered is whether or not or not the cryptocurrency can keep its momentum and proceed to rocket ahead. 

DOGE began as a meme token however has grown to turn out to be an outlier amongst cryptocurrencies previously few years. Regardless of posting a double-digit % rise in worth, the crypto noticed itself lagging behind in the course of the late October and early November positive aspects when nearly all of cryptocurrencies recovered from the lengthy bearish market of the primary half of the 12 months. 

Dogecoin Value Rallies To 4-Month Highs

After reaching its month-to-month low of $0.0565 in October, Doge skilled a acquire of 21%, after which it skilled a acquire of twenty-two% in November, ensuing within the formation of two consecutive month-to-month inexperienced candles for the primary time since October 2022. The crypto has continued on this trajectory, and its worth has elevated by 9.1% previously seven days, the most effective positive aspects amongst high cryptocurrencies. This latest worth acquire noticed DOGE attain $0.08715, its highest stage since April 2023. 

DOGE buying and selling quantity on varied exchanges is up by 30.7% previously 24 hours. On the identical time, trade knowledge from IntoTheBlock’s Order Books metrics reveal an attention-grabbing present overview of the ability battle between bulls and bears. In line with the buying and selling books 14 crypto exchanges tracked by IntoTheBlock, the bulls look to have the higher edge in the mean time. 

DOGE market cap at present at $12.07 billion on the day by day chart: TradingView.com

On the time of writing, patrons have positioned purchase orders of 901.7 million DOGE at a mean worth of $0.085112. In the meantime, sellers have solely put up 848.13 million DOGE on the market at a mean worth of $0.085137. This attention-grabbing dynamic signifies that there are significantly extra patrons than sellers, which may create shortage and proceed to drive the worth up.

 

Can Bulls Take DOGE Above $0.3? 

In gentle of the worth surge and a few on-chain metrics, knowledge means that the crypto is likely to be on its approach to a sustained worth enhance. DOGE instantly bounced off what looks as if a resistance on the $0.08715 stage and is at present buying and selling at $0.08515. Though DOGE is up by 21% for the reason that starting of the 12 months, it’s 13% down from December 3, 2022. 

DOGE went on a spectacular 525% run the final time it closed two consecutive month-to-month inexperienced candles. If historical past repeats itself, the crypto may shoot previous $0.55 within the coming months. Step one can be to maneuver again up and keep a robust break above the resistance at $0.087 on the convergence of the 0.786 Fibonacci stage and the 100-week and 200-week Transferring Averages. Then, the following resistance to look at can be the yearly excessive of $0.096 in April. 

Featured picture from Shutterstock

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