- Dogecoin goes beyond $0.20 in a remarkable 45% 7-day bull rally.
- Mulled for X Payments integration, DOGE enjoys a rising demand.
- Crypto chart analysts draw the line for the macro trend to sustain.
Dogecoin (DOGE) has defied the sentiment of the broader crypto markets by clinging to the $0.20 price target in a monumental 45% weekly rally. While Dogecoin’s bull run has been nothing short of impressive, cryptocurrency traders have spotted a positive change in its price trend.
According to crypto chart analyst Rekt Capital, Dogecoin broke through its macro downtrend on March 8, 2024, underlies the range between $0.12 to $0.20. As DOGE managed to scorch past the $0.20 price target from the second attempt on March 28, 2024, the price trend change now aligns with the new macro uptrend.
For the macro uptrend to send Dogecoin to the next target of $0.30, the top dog memecoin must position itself above the $0.20 price level on the monthly close. Portrayed in red, this historical support could offer a power-up big enough for DOGE to retest the $0.30 barrier, unprecedented since August 2021.
Where Is Crypto’s Top Dog Heading Next?
As crypto chart analysts continue to measure Dogecoin’s potential for a new all-time high, the strength of the bull run highly depends on social sentiment. A few months ago, Dogecoin’s new registered crypto addresses soared by 1,095% in a week when an X Payments account was created on X.
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As Dogecoin is Elon Musk’s favorite cryptocurrency, the DOGE Army connected the dots and expected to see Dogecoin included in the Peer 2 Peer (P2P) payment system. Even though this narrative is going strong, the X Payments account has yet to mention DOGE or any other cryptocurrency.
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After taking on the $0.20 price target on March 28, 2024, DOGE broke the bearish channel resistance to momentarily reach $0.22 but later faced a soft market correction, trading at $0.2155 at the time of this publication.
According to chart analyst Andrew Griffiths, Dogecoin’s new macro uptrend between $0.16 and $0.34 opens up massive potential in the medium and long term. The trader also noted that a weekly close above $0.18 support levels would validate the potential growth, which revives the hopes of a brand new all-time high for the top dog coin. The coin currently sports a $31.25 billion market cap with a 70% distance from the ATH set at $0.73 on May 8, 2021.
On the Flipside
- Despite the historical resemblance to the 2021 bull rally that took Dogecoin to an all-time high of $0.73, there are also quite a few differences.
- Back then, Elon Musk heavily endorsed Dogecoin, as the tech mogul introduced DOGE to the masses on Jimmy Fallon’s Saturday Night Live.
Why This Matters
Beyond its popular memecoin status, Dogecoin is the second largest Proof of Work (PoW) besides the leading digital asset Bitcoin (BTC).
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