Is Dogecoin Doubling Up to $0.30? Here’s What the Metrics Say

Going further northwards, the top dog crypto faces an uphill battle with waning Derivatives interest profit taking.

Two dogecoin dogs sitting on a pile of money.
Created by Gabor Kovacs from DailyCoin
  • Dogecoin hovered above $0.15 with a neutral Relative Strength Index (RSI). 
  • DOGE tacks on high correlation with Bitcoin, topping $2M in long liquidations.
  • The $0.30 target for DOGE would take the OG meme coin back to 2021 levels.

Dogecoin (DOGE) is potentially drawing up a roadmap to $0.30, a price milestone unseen since September 5, 2021. Several popular crypto analysts marked $0.30 as the next target, as DOGE successfully shook off the selling pressure and gained 5% over the past seven days to reboot above $0.15.

However, the God Candle is yet to come, and Crypto Hunter noticed that DOGE at $0.30 is “in the blink of an eye once it gets moving,” while “Nothing will bring back normies like a massive green DOGE candle.” The crypto analyst refers to the rapid upswing in new DOGE wallets since the beginning of 2024.

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Starting the year with 5.43 million addresses, Dogecoin’s community expanded further with 6.64 million wallets to date. The exponential network growth contributed towards a 106% price surge for DOGE in yearly terms, as the top dog maintains his TOP 10 status.

DOGE On-Chain Data Gives Mixed Signals

With 81% of DOGE custodians making a profit at this price, DOGE fairly capitalized on the historically high price correlation with Bitcoin (BTC). The two largest Proof of Work (PoW) consensus blockchains have inked triple-digit gains since last year, even though BTC outperformed DOGE by a margin with a 148% yearly return. 

As depicted in the graph below by cryptocurrency analyst World Of Charts, Dogecoin is on the verge of a breakout with an initial price target of $0.27 – $0.30 if the current support cluster is claimed. According to IntoTheBlock’s on-chain data, the current support bubble holds 11.58B DOGE in 212.9K addresses at a price range between $0.145 to $0.157. As of press time, the top dog crypto is changing hands at $0.1522.

The conflicted price trend is also visible in Derivatives markets, where crypto trader sentiment surrounding DOGE has slightly decreased. The Open Interest (OI) metric is sliding down, with a 3.44% drop over the past 24 hours. However, the overall Dogecoin Derivatives trading volume picked up 18.98% gains to $1.39 billion. By this metric, Dogecoin takes second place among meme coins, falling short of PEPE’s $2.02 billion.

On the Flipside

  • According to CoinGlass data, Dogecoin traded in a tight price range of $0.1479 to $0.1537 on Monday, and its long position liquidations piled up to over $2 million.

Why This Matters

On-chain metrics and indicators provide valuable insights into the digital asset’s price dynamics and social sentiment.

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This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Tadas Klimasevskis

Tadas Klimaševskis is a Lithuanian journalist at DailyCoin, specializing in covering the lighter side of the crypto industry such as memecoins and pop culture in the metaverse. He has experience as a music artist, English language teacher, and freelance writer, and uses his creative writing skills to summarize valuable information in his work. He is also a strong believer in the potential of blockchain and spends his free time listening to music, traveling, and watching basketball games.