- Dogecoin recently hit 5M holders, recording a new all-time high.
- The last time Dogecoin reached $0.14 was amid Muskโs Twitter acquisition.
- Social confidence in DOGE is at an all-time high upon hitting the $12B market cap.
Dogecoin (DOGE) embarked on a 26% run in the last 30 days, confirming the bullish breakout after a quiet October. The recent uptick catapulted DOGE to trade above 8 cents, a price range unseen since a brief bullish moment in July 2023.
Retesting the $0.08 price range for the sixth time in a month, DOGE has a key barrier to break. DOGE bumped into $0.081 several times since November, facing hefty resistance because many crypto traders can break even at this price range, inducing selling pressure.
Sponsored
On a brighter note, according to the real-time on-chain stats, 63% of total Dogecoin holders are making a profit at the current DOGE price. To tackle the $0.081 resistance, another key factor is Dogecoinโs Moving Average Convergence Divergence (MACD), which is vital in determining the timing of DOGEโs bullish crossover.
Top Analyst Measures DOGEโs Potential to Hit $0.14
Professional crypto chart analyst Ali Martinez has raised some eyebrows upon projecting Dogecoinโs journey to double up in market price. Martinez pointed to the major hurdle at $0.087, a northbound resistance level marked by the convergence of the 0.786 Fibonacci level, which is used to level out the potential of the next price trend reversal.
Martinez shared a graph explaining Dogecoinโs price trading channel to be supported by both the 100-week and 200-week Exponential moving averages (EMA), positioning Dogecoinโs price to retest the $0.087 convergent resistance before taking off for a double-up run.
At press time, DOGE changes hands at $0.0838, with a 2.7% upswing in the last 24 hours. Despite trading in a sideways parallel channel, DOGEโs social sentiment is high. SpaceXโs Doge-1 lunar mission is ready to take off, paying homage to the top dog memecoin and the light-hearted DOGE Army.
On the Flipside
- Besides technical on-chain parameters, Dogecoinโs probable road to retest $0.14 can be highly influenced by SpaceXโs DOGE-1 mission and other DOGE-related ventures, giving new utility for the memecoin.
Why This Matters
Dogecoin is one of the oldest alternative cryptocurrencies, founded in 2013 as a joke by Billy Markus and Jackson Palmer. DOGE has grown into a vast and active community ever since.
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